Adani Enterprises Gains 7%, Advances For Fifth Day As Q2 Profit Doubles
Shares of Adani Enterprises Ltd. gained as much as 7.2% after the Adani Group flagship firm reported a 117% rise in net profit in the quarter ended September.
Shares of the company have now risen for the fifth day, in the longest run of gains since Sept. 2.
Adani Enterprises Q2 Highlights (Consolidated, YoY)
Revenue increased 189% to Rs 38,175.23 crore vs Rs 13,218.02 crore. That compares to a Bloomberg estimate of Rs 34,669.8 crore.
Ebitda increased 121% to Rs 2,069.86 crore vs Rs 938.25 crore, against a Bloomberg estimate of Rs 1,643.8 crore.
Ebitda margin at 5.4% vs 7.1%, compared to a Bloomberg estimate of 4.7%.
Net profit increased 117% to Rs 460.94 crore vs Rs 212.41 crore, against a Bloomberg estimate of Rs 554.2 crore.
The stock gained as much as 7.2% to Rs 3,850 apiece. At the intraday high, the stock was only Rs 35 off its all-time high, which it hit on Sept. 20.
The scrip ended 6.7% higher at Rs 3,833.25 apiece.
Other Adani Group firms also gained after the profit beat by the incubator.
Adani Ports and Special Economic Zones Ltd. gained as much as 1.8%, while Adani Total Gas Ltd. and Adani Wilmar Ltd. also advanced.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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