New Delhi (TIP)-A dani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani’s conglomerate, on Thursday, May 2, reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses.
Its consolidated net profit of Rs 450.58 crore in January-March – the fourth quarter of fiscal year 2023-24 – compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in Q4. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore.
Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments.
Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business — including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million.
Tag: Adani Enterprises
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Adani Enterprises Q4 net profit falls 37% to Rs 450 crore
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Adani Enterprises back in black, records Rs 820-crore profit in Q3
New Delhi (TIP)- Adani Enterprises’ (AEL) good third quarter numbers led to a rebound in its stocks after three days of selloff but seven of the Group’s listed companies were trading in the red with six hitting the lower circuit-breaker of 5%. “We will be investing heavily in our relationship with India over the coming decades and we’re confident it will only go from strength to strength,” said AEL on the results.
Adani Group chairman Gautam Adani termed the current market volatility as temporary and said “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 majority of the buying in AEL stocks took place in the later half of the day after the Q3 results were announced. The favourable results helped the stock inch up and restored its market value to about Rs 2 lakh crore. AEL reported net profit of Rs 820.06 crore for the September to December 2022 period as against net loss of Rs 11.63 crore in the same quarter a year ago. Revenue from operations rose 41.87% to Rs 26,612.23 crore compared to Rs 18,757.87 crore.
However, six Adani stocks — NDTV, Adani Power, Adani Wilmar, Adani Green, Adani Total and Adani Transmission — fell by 5% each and Ambuja Cements declined by 1.74%. The sentiment was unaffected despite some damage control with the Group announcing the appointment of accountancy firm Grant Thornton for an independent audit of some of its companies in an attempt to counter allegations made in the Hindenburg report. The audit is likely to be submitted to the Reserve Bank of India as well because it will examine if there was any misappropriation of funds or if loans were used for any other purpose, said company officials. Source: TNS -
Stock Exchanges put 3 Adani Group companies under short-term surveillance
New Delhi (TIP)- As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday, February 2. Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio. The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short-term additional surveillance measure or ASM.
Under the short-term ASM, the exchanges said, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”.
Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin.
The exchanges also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity. Meanwhile, shares of Adani Enterprises tumbled over 26 per cent on Thursday, a day after the firm said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors. The counter had plunged more than 28 per cent on Wednesday. Most of the other group firms also declined for the sixth day in a row on Thursday and 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six days.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Adani’s market losses top $100 bn as shelved FPO spooks investors
Adani Group’s market losses swelled to more than $100 billion and sparking worries about their potential systemic impact on Thursday, February 2, a day after its flagship company abandoned a $2.5-billion stock offering.
The withdrawal of Adani Enterprises’ share sale caps a dramatic setback for founder Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have dwindled over the past one week after US-based short-seller Hindenburg published a critical research report.
Cancelling the share sale saw Adani stocks plunge, Opposition lawmakers call for a wider probe and the central bank spring into action to check on banks’ exposure.
Citigroup’s wealth unit has stopped extending margin loans to its clients against securities of Adani Group and cut the loan-to-value ratio for credit against Adani securities to zero on Thursday, a source said.
Adani late on Wednesday, February 1, called off the share sale as a stocks rout sparked by short-seller Hindenburg’s criticisms intensified, despite the offer being fully subscribed. -
NSE & BSE put 3 Adani Group companies under short-term surveillance
Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements
NEW DELHI (TIP): As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday, February 2. Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short-term additional surveillance measure or ASM.
Under the short-term ASM, the exchanges said, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”.
Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin. The exchanges also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity.
Meanwhile, shares of Adani Enterprises tumbled over 26 per cent on Thursday, a day after the firm said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors. The counter had plunged more than 28 per cent on Wednesday.
Most of the other group firms also declined for the sixth day in a row on Thursday and 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in the past six days.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.