Adani Enterprises’ share price traded volatile in morning trade on BSE on May 5. The stock opened nearly 3 per cent higher at ₹1,965 on May 5 against the previous close of ₹1,909.30 but pared most gains soon to trade with mild gains.
At 9:25 am, the stock was trading at ₹1,916.75, up 0.39 per cent. In the previous session, the stock had ended with a gain of nearly 4 per cent.
On May 4, the flagship company of the Adani Group said its quarterly net profit more than doubled to ₹780.68 crore for the March quarter of FY23 from ₹325.76 crore in the year earlier.
Its total income increased by 26 per cent to ₹31,716 crore on a year-on-year basis on the back of the group’s performance in the airports business.
Consolidated net profit for the full fiscal (FY23) more than trebled to ₹2,421 crore from ₹787.7 crore in the previous fiscal, but still missed analysts’ estimates of ₹4,201 crore by a wide margin.
Total income almost doubled to ₹1.38 trillion during FY23 from ₹ 70,432.69 crore in FY22. Bloomberg estimates had forecast total annual revenues for the year at ₹1.49 trillion.
At the end of FY23, Adani Enterprises’ net cash from operating activities stood much higher at ₹17,626.46 crore from ₹1,385.28 crore at the end of March 2022.
Read more: Adani Ent’s quarterly profit doubles on airports business
The company’s board recommended a final dividend of ₹1.20 per equity share each for FY23. The company will hold its annual general meeting on 18 July to consider the resolution.
Adani Enterprises’ shares have fallen almost 51 per cent in the calendar year 2023 so far against a gain of one per cent in the benchmark Sensex.
The stock hit its 52-week high of ₹4,189.55 on December 21, 2022, on BSE. As of May 4, 2023 closing, the stock is down 54 per cent from its one-year peak.
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In January 2023, Hindenburg Research, a US-based short seller, issued a report alleging stock manipulation and accounting fraud against some of the Adani Group entities. This resulted in a steep fall in Adani Group stocks.
Adani Enterprises’ shares hit their 52-week low of ₹1,017.10 on BSE on February 3, 2023. The stock has gained 88 per cent since then.
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