Adani Enterprises jumped 4.54% to Rs 555 at 9:16 IST on BSE after consolidated net profit spurted 501.08% to Rs 2847.82 crore on 38.89% growth in total income to Rs 16418.67 crore in Q4 March 2014 over Q4 March 2013.
The result was announced on Saturday, 17 May 2014.
Meanwhile, the BSE Sensex was up 277.43 points, or 1.15%, to 24,399.17.
On BSE, so far 1.20 lakh shares were traded in the counter, compared with an average volume of 9.32 lakh shares in the past one quarter.
The stock hit a high of Rs 560 and a low of Rs 540.90 so far during the day. The stock hit a 52-week high of Rs 585 on 16 May 2014. The stock hit a 52-week low of Rs 126.05 on 4 September 2013.
The stock had outperformed the market over the past one month till 16 May 2014, rising 22.96% compared with 8.28% rise in the Sensex. The scrip had also outperformed the market in past one quarter, soaring 146.82% as against Sensex's 18.44% rise.
The large-cap company has an equity capital of Rs 109.98 crore. Face value per share is Re 1.
The bottom line in Q4 March 2014 was boosted by tax credit of Rs 1387.31 crore while there was a tax expense of Rs 237.59 crore in Q4 March 2013.
Adani Enterprises' consolidated net profit surged 37.68% to Rs 2220.77 crore on 18.73% growth in total income to Rs 56225.86 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Adani Enterprises said that income from operations includes revenue recognized by one of the subsidiary companies i.e. Adani Power amounting to Rs 1843.12 crore towards the compensatory Tarrif comprising of lump sum compensation of Rs 829.75 crore till 31 March 2013 and Rs 1013.37 crore for the period from 1 April 2013 to 31 March 2014 vide order dated 21 February 2014 by Central Electricity Regulatory Commission (CERC) dated 21 February 2014. Haryana Discoms (Uttar Haryana Bijli Vidyut Nigam and Dakshin Haryana Bijli Vidyut Nigam) and GUVNL (Gujarata Urja Vikas Nigam) have filed appeals with the Appellate Tribunal for Electricity (APTEL) challenging the said order and to grant a stay on the enforcement of the order. APTEL has sought replies from the company and has set the next date of hearing on 22 May 2014. As of date, APTEL has neither granted the stay nor has passed an order setting aside the said CERC order. The Management has been legally advised that the CERC order is enforceable as on date and is in operation and that the subsidiary company has a fairly arguable case with respect to the appeals filed by the customers against the said order with APTEL, Adani Enterprises said.
Meanwhile, some media reports suggested that the Directorate of Revenue Intelligence (DRI) has slapped a Rs 5500 crore show-cause notice on Adani group for alleged over-valuation of capital equipment imports. The show-cause notice was issued by the Mumbai office of DRI late last week, and the notices were issued against three companies of the Ahmedabad-based Adani Group for alleged over-valuation by Rs 2000 crore of capital equipment for its power projects, reports suggested.
Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.
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