Hindenburg's havoc ended, Adani earned 13 thousand crores in 3 months - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News

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Monday, August 21, 2023

Hindenburg's havoc ended, Adani earned 13 thousand crores in 3 months

The June quarter has proved to be very good for Adani Group. During this period, the profit of the group has increased by 70 percent. The maximum growth has been seen in the port business. By the way, there has been a decline in the sales of the group.

It has been almost 8 months since the report of Hindenburg Research came out and its effect is also slowly visible. You can guess this from the fact that the group has achieved 70 percent profit in the June quarter. According to the information, very good performance has been seen in these three months in the business of port, power and green energy. Due to which the joint profit of all the companies has increased to 70% and above. By the way, there has been a decline in sales in this quarter. Talking about comparative performance, the cement business acquired after the first quarter of FY2023 is not included.

Adani Group's profit increased by 70 percent

According to media reports, the combined profit of Gautam Adani Group increased by Rs 12,854 crore, while the earnings before interest, tax, depreciation increased by about 42 percent to Rs 20,980 crore. The companies included in the comparison set had lower sales with approximately Rs 69,911 crore. The comparative earnings include performance of Adani Port & Special Economic Zone, Adani Power, Adani Green Energy, Adani Wilmar, Adani Total Gas, Adani Enterprises and Adani Transmission. ACC and Ambuja Cements were not included as their merger was completed only in September last year.

Increase in income of Adani Group

According to media reports, in the June quarter, the revenue of Adani Enterprises was the highest among group companies, Adani Power's profit was the highest with a year-on-year increase of 83 percent. Adani Power Keysales with Adani Ports, Adani Transmission and Adani Green Energy witnessed double digit growth on YoY basis. While the sales of Adani Green were seen the most.

Meanwhile, Adani Enterprises and Adani Wilmar, the only two companies, saw a decline in their earnings due to fall in coal and edible oil prices. Where Adani Enterprises increased profit even after the weakness in sales. Whereas Adani Wilmar remained in loss. Adani Ports, one of the group's core businesses, led the quarter with higher cargo volumes, operating profit and record sales among all group companies. During this period, the company also registered an increase of 2 percent in the cargo market share.

Hindenburg had accused

Earlier this year, Hindenburg, an American research company, alleged accounting fraud against the Adani Group. Adani Group has been continuously denying these allegations. These allegations severely affected the group, with shares plummeting and at one point reducing the companies' market value by more than $153 billion. Most of the group's shares were at a lower level following these allegations.

Shares of Adani Group came up from the lower level

Currently, all group companies have recovered, and shares of Adani Ports, Adani Power, Adani Green Energy and Adani Enterprises have more than doubled from lower levels. However, the share prices of most of the companies have still not reached the level seen before the arrival of the report. Last week, Adani Ports shares took a beating after the resignation of auditor Deloitte Haskins & Sells LLP, but US-based GQG Investments bought a stake of over $1 billion in Adani Power, helping the group's shares to rise. got help.

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