The current volatility in the market, triggered by a massive sell0ff of Adani group shares since the last week of January, "is temporary", said the embattled conglomerate's chairman Gautam Adani on February 14.
“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 a core infrastructure business," he said.
The business tycoon's remark came on a day when Adani Enterprises Ltd (AEL), the flagship entity of his group, reported a net profit of Rs 820 crore for the October-December 2022 quarter, as against a loss of Rs 11.63 crore a year ago.
The company's revenue from operations zoomed 42 percent to Rs 26,612.2 crore from Rs 18,757.9 crore last year.
"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," Adani said.
AEL and other listed entities of Adani have cumulatively lost Rs 10.02 lakh crore in market value since January 24, when US-based short seller Hindenburg Research released a report alleging "accounting fraud" and "stock market manipulation" by the India-headquartered business group.
Gautam Adani, who has refuted the allegations levelled by Hindenburg, appeared to have reiterated his defence while commenting on AEL's quarterly results. "Our success is due to strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation", he 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," the Adani group chief further noted.
Soon after AEL's Q3 results, the stock broke into the green, gaining over 6 percent in trade. At 2:30 pm, it was quoted at Rs 1,833.25 apiece on the NSE.
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