Adani group shares stage strong recovery 

Adani firms post mixed Q3 results amid row over governance issues

Published: 08th February 2023 08:22 AM  |   Last Updated: 08th February 2023 08:22 AM   |  A+A-

Gautam Adani, Adani Group

A file photo of Gautam Adani, the Chairman and Founder of Adani Group. (PTI)

Express News Service

MUMBAI:  Amidst the row over Adani Group irregularities and stock manipulation, quarterly results of the group firms keep pouring in. Adani Ports and Special Economic Zone Ltd (APSEZ) posted a 13% drop in net profit to R 1,337 crore in the quarter that ended December 2022, weighed down by a higher forex mark-to-market loss. 

Ambuja Cement’s net profit surged 46% to R369 crore while Adani Green Energy reported a 110% rise in its consolidated net profit to R103 crore for the quarter that ended in December. Meanwhile, some Adani group stocks made a smart recovery on Tuesday. Shares of Adani Enterprises ended 15% higher to close at R1802 apiece on Tuesday after being locked in an upper circuit of 20% earlier in the day.

Adani Transmission, which traded most of the day locked in an upper circuit of 5%, ended 0.5 %lower after giving up the gains. After eight straight lower circuits of 5%, the shares of Adani Wilmar have emerged to end at an upper circuit of 5%. Adani Transmission shares were locked in the upper circuit, rising 5% to R1324.45 apiece. 

Shares of the Adani group firms reacted to the results declared on Tuesday. APSEZ’s revenue of the company increased 18% to R4,786 crore in the third quarter ended 2022 compared to R4,072 crore in the same quarter of the previous year. 

Karan Adani, CEO of the company said that the company is well-placed to achieve the upper end of its full-year revenue and EBITDA forecast for FY2023. Commenting on APSEZ’s net debt, he said that the company is considering total loan repayment and prepayment of around R5,000 crore, significantly improving the net debt to EBITDA ratio and bring it closer to 2.5x by March 2024.

APSEZ is targeting an EBITDA of R14,500-15,000 crore in FY2024. “We have an impeccable track record of fulfilling our debt obligations, and our internal accruals enable us to meet the scheduled debt repayment for any of the financial years without any major challenges,” said Adani.


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