Adani Enterprises Q1 results: Net profit surges 44% to Rs 674 crore

Adani Enterprises reported a 32.59% increase in net profit for the quarter ended June 30, 2023, to Rs 587.28 crore, compared to Rs 442.94 crore for the same quarter the previous year. However, the company’s overall income fell by 43.29% to Rs 11,649.65 crore in Q1FY24, compared to Rs 20,541.64 crore in the previous year’s same period. 

On a consolidated basis, the company recorded a 44.41% increase in net profit for the first quarter that ended June 30, 2023, at Rs 676.93 crore, compared to Rs 468.74 crore for the same quarter the previous year. However, the company’s overall income fell 37.15% to Rs 25,809.94 crore in Q1FY24, compared to Rs 41,066.43 crore in the previous year’s same period. 

The increase in net profit was primarily due to a decline in interest costs and other expenses. The company’s total income decreased due to a decline in revenue from its port and transportation, power, and coal businesses. The company’s performance in the first quarter of FY24 was impacted by the decline in commodity prices and the ongoing Russia-Ukraine war. However, the company is confident of a recovery in its performance in the coming quarters. 

The company is also looking to expand its business in new areas, such as green energy and data centres. It is also planning to invest in renewable energy projects in India and abroad. Overall, Adani Enterprises is well-positioned to grow in the coming years. The company has a strong track record of execution and a diversified business portfolio. It is also backed by strong financials and a supportive government. 

Adani Enterprises is currently trading at Rs 2,541.05, up by 9.15 points or 0.36% from its previous closing of Rs 2,531.90 on the BSE. The scrip opened at Rs 2,545 and has touched a high and low of Rs 2,554 and Rs 2,523.65, respectively. So far 13,117 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 4,189.55 and a 52-week low of Rs 1,017.10. Last one week high and low of the scrip stood at Rs 2,554 and Rs 2,451.20, respectively. The current market cap of the company is Rs 2,88,636.88 crore. The promoters holding in the company stood at 67.65%, while Institutions and Non-Institutions held 24.80% and 7.55%, respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.