Adani Enterprises Ltd.'s consolidated net profit for the first quarter of fiscal 2024 surged 44% on a higher operating margin.
The profit of the Adani Group flagship company rose to Rs 676.9 crore in the April-June quarter, according to an exchange filing on Thursday.
Adani Enterprises Q1 FY24 Highlights (Consolidated, YoY)
Revenue from operations declined by 38% to Rs 25,438.5 crore.
Ebitda or the operating profit, was up 45% to Rs 1,742.4 crore.
Ebitda margin more than doubled to 9.92% vs. 4.26% a year ago.
During the previous quarter, a short seller had 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 in January, the company said in its P&L note.
In the context of the report, there is a petition filed in the Supreme Court, and SEBI is examining compliance with laws and regulations by conducting inquiries into the group's listed companies. Given the matter is subjudice, the group has not considered any possible consequential effects thereof, if any, in these consolidated results, it said.
Shares of Adani Enterprises were trading 2.76% higher at Rs 2,541.60 per share, as compared with a 0.86% decline in the benchmark Sensex as of 3:20 p.m.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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