Adani Enterprises nears record high after strong Q2FY23; stock surges 5%

In the past one week, Adani Enterprises outperformed the market as shares surged 13 per cent, as against 1.3 per cent rise in the S&P BSE Sensex

Shares of Adani Enterprises surged 5 per cent to Rs 3,767 in Friday’s intra-day trade and extended its gain to fourth straight day, after the company’s consolidated net profit for the quarter ended September (Q2FY23) more-than-doubled versus last year to Rs 461 crore. The company’s consolidated revenue, too, climbed nearly threefold year-on-year (YoY) to Rs 38,175 crore.

Meanwhile, consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 69 per cent YoY to Rs 2,136 crore, which beat Street estimates. The bloomberg consensus estimates had pegged Ebitda to be around Rs 1,643 crore in Q2FY23.

"The robust growth