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HomeNewsBusinessEarningsAdani Enterprises Q2 net profit jumps 8x to Rs 1,742 crore; revenue falls short of estimate

Adani Enterprises Q2 net profit jumps 8x to Rs 1,742 crore; revenue falls short of estimate

Adani Enterprises Q2 FY25 Results: Net Profit jumped eight times to Rs 1,742 crore. Brokerages had pegged the revenue at Rs 26,345 crore.

October 29, 2024 / 16:53 IST
Adani Enterprises Q2 FY25 results
     
     
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    Adani Enterprises Q2 FY25 net profit ballooned nearly eightfold on-year to Rs 1,742 crore. The diversified conglomerate's second quarter revenue from operations rose 16 percent to Rs 22,608 crore. The jump in net profit came as the revenue growth outpaced expenditure.

    According to a Bloomberg poll of brokerages, Adani Enterprises was expected to report a 17 percent year-on-year (YoY) increase in revenue at Rs 26,345 crore, and EBITDA at Rs 4,900 crore.

    The stock rose after the earnings announcement, and was trading at Rs 2,853 on NSE, up about 2 percent from the previous close. It has gained 24 percent in the last one year, taking the firm's market capitalisation to Rs 3.29 lakh crore.

    Adani Enterprises board decided to withdraw the draft scheme of arrangement with Adani Wilmar Ltd, which was approved in August, 2024. The Board noted that Adani Wilmar requires to fulfill its compliance obligations regarding Minimum Public Shareholding (MPS), it said in a stock exchange filing.

    Further, Adani Enterprises has also decided to raise Rs 2,000 crore via issue of non-convertible debentures. The NCDs would be issued in one or more tranches through a public issue, said the company.

    Earlier, in October 2024, Adani Enterprises raised Rs 4,200 crore from institutional investors via a QIP with Quant Mutual Fund emerging as the largest investor.

    Gautam Adani group's flagship company, Adani Enterprises has interests in coal and solar, transportation (ports and airports), natural resources, and aerospace, agriculture, food processing, and new sectors like digital tech, data centers, and green hydrogen.

    In January 2024, Cantor Fitzgerald had initiated coverage on Adani Enterprises, with an "overweight" rating and a price target of Rs 4,368.

    In an interview with CNBC-TV18, Brett Knoblauch, Director of Equity Research, Cantor Fitzgerald said, “We appreciate the diversification it offers, investing in a single stock provides exposure to multiple innovative businesses that you might not access by investing in a company focused on just one sector.”

    Moneycontrol News
    first published: Oct 29, 2024 03:02 pm

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