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Adani Enterprises posted a bumper set of Q3 numbers, and the market wasted no time cheering it on. The company’s profit shot up a staggering 96 times, and the stock jumped 10.3% by the end of the day.
By the numbers:
Net profit: at ₹5,627 crore vs ₹58 cr
Revenue: up 8.6% YoY at ₹24,819.6 crore vs ₹22,848 crore
The how: the biggest boost came from a one-time gain of ₹5,632 crore. This happened after the company sold part of its stake in its consumer goods business, which it runs with Singapore-based Wilmar. That single deal did most of the heavy lifting for profits this quarter.
That said, the core business wasn’t standing still. Strong performance in the airport and renewable energy businesses helped make up for weak demand in coal trading, which is one of the company’s older businesses.
Execution was another bright spot. Adani Enterprises started operations at the Navi Mumbai airport in less than five years after acquiring the project. It also finished two road projects on time and opened a new integrated terminal at Guwahati airport.
