Adani Enterprises Ltd on Tuesday reported a consolidated net profit of Rs 820 crore during the third quarter of the current fiscal as compared to a net loss of Rs 12 crore in the year-ago quarter.
According to the company, it had earned a total income of Rs 26,950.83 crore for the quarter ended December 31, 2022 (Q3FY21 Rs 18,963.40 crore) and a net profit of Rs 820.06 crore (net loss of Rs 11.63 crore).
For the nine-month period, Adani Enterprises' total income stood at Rs 106,458.72 crore (Rs 70,432.69 crore) and a net profit of Rs 1,750.46 crore (Rs 776.56 crore).
"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 core infrastructure business," said Gautam Adani, Chairman of the Adani Group.
According to him, the group's success is due to strong governance, strict regulatory compliance, sustained performance, and solid cash flow generation.
"The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL (Adani Enterprises Ltd) will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow," Adani added.
Shares of Adani Group firms continued to remain weak for the second day running on Tuesday amid a host of negative events surrounding the companies. In the afternoon, shares of Adani Enterprises bounced back from lows to trade more than 3 per cent higher at Rs 1,791 apiece on the BSE.
Adani Group stocks have lost around Rs 10.2 lakh crore or about 53 per cent of their combined market cap since January 24, when US-based activist short-seller Hindenburg Research through its report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
(With PTI, IANS inputs)