This is what Gautam Adani has to say on Adani Enterprises Q3 earnings
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, said billionaire and Chairman of the Adani Group, Gautam Adani on Tuesday.
The embattled Adani Enterprises reported its December quarter results today amid a rout in the shares of the Adani Group companies in the aftermath of a scathing report by US-based short-seller Hindenburg Research.
““Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development and exceptional O&M management skills comparable to the best in the world,” the Adani Group chairman said.
“AEL’s exceptional resilience and capacity to build highly profitable core sector business indicate how our strategy of harnessing the diverse strengths of the Adani portfolio of companies is creating consistent long-term value for all our stakeholders,” he noted.
Adani further said, “Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation. 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.”
The Adani Enterprises reported a quarterly profit versus a loss a year ago on strong performance in its key coal trading division and airports business.
The company’s consolidated profit stood at ₹820 crore for the third quarter ended 31 December, 2023 as compared with a net loss of ₹11 crore a year earlier.
Shares of Adani Enterprises bounced back from lows to trade over 2% higher during noon deals on the BSE post the earnings announcement.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.