Adani group’s flagship firm Adani Enterprises reported impressive Q3FY23 earnings, with a 42% increase in total income to Rs 26,951 crore. The company’s EBIDTA also increased by 101% to Rs 1,968 crore. Additionally, the attributable PAT has risen to Rs 820 crore, as compared to a loss of Rs 12 crore in the same period of the previous year.
For the nine months ended on 31 December 2022, the company’s total revenue surged by 135% to Rs 1,06,459 crore, while its EBIDTA increased by 90% to Rs 6,068 crore. Additionally, the attributable PAT skyrocketed by 271% to Rs 1,750 crore.
Adani Enterprises shares surged 9% to Rs 1862.40 within minutes after the Gautam Adani-led company reported a 42% increase in total income to Rs 26,951 crore. The group made headlines after US-based short-seller Hindenburg Research accused the Adani Group of stock manipulation and money laundering. The company’s stocks fell 50% in the aftermath of Hindenburg’s report, losing over Rs 9 lakh crore in market capitalisation in just a few days.
In response to the allegations by forensic research firm, Hindenburg Research, the company’s report filed with the domestic exchanges said, “Subsequent to the quarter ended 31st December, 2022 a short seller has issued a report, alleging certain issues against some of the Adani Group entities which have been refuted by the Parent Company in its detailed response submitted to stock exchanges on 29th January, 2023. Management of the Group has assessed that no material financial adjustment arises to the consolidated financial results for the quarter and nine months ended 31st December, 2022 with respect to these allegations.”
“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. Discussing the rescinded Rs 20,000 crore FPO, the company said, “The FPO … was fully subscribed. However, in order to protect the interest of the bidders amid volatile market conditions, the Board of Directors … decided not to proceed with the FPO and withdrew the red herring prospectus. Accordingly, the entire application bid amounts have been released to the bidders.”