Adani Enterprises share price rally post third-quarter numbers for 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.

Gautam Adani, 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.”

Hinting towards the current market volatility which emerged after a US-based short seller’s report, Adani said, “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.”

AEL is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.