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Adani Enterprises Q3FY24 net profit more than doubles to Rs 1888 cr

Adani Enterprises Q3FY24 net profit more than doubles to Rs 1888 cr

| @indiablooms | 01 Feb 2024, 07:36 pm

Mumbai: Adani Enterprises Ltd. reported a massive surge in net profit in the quarter ended December 2023 profit, more than doubling 2.3 times to Rs 1888.4 crore, driven by the success of its newer business ventures.

Adani Group's flagship company had reported a net profit of Rs 820 crore in the year-ago period.

The company's shares witnessed a boost, rising by as much as 1.5%.

In the quarter ending December, the flagship firm of billionaire Gautam Adani's conglomerate reported a net income of Rs 18.9 billion ($228 million), compared to 8.2 billion rupees in the corresponding quarter of the previous year, according to an exchange filing on Thursday.

With not enough brokerages providing profit forecasts for the firm, the average could not be derived.

The revenue showed a 6.5% increase, reaching Rs 283.4 billion, while total costs rose by 1.1% to Rs 264.7 billion, according to the filing.

The Adani Group received a shot in the arm when the Supreme Court declined last month to initiate further investigations into Hindenburg Research's allegations. Additionally, the group secured funding from a U.S. agency for its Sri Lanka port project in November.

Putting the Hindenburg episode behind, the Adani Group is now intensifying its focus on infrastructure projects and has ambitious plans to allocate up to $100 billion for its green transition.

Adani Enterprises said to be the incubator for the group's new businesses that are later separated and publicly listed, is engaged in the redevelopment of Mumbai's historic Dharavi slum and the construction of a second airport on the city's outskirts.

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