 "Adani, Adani Group")
Adani Enterprises Ltd, on Thursday, reported a 137.5 per cent rise in its consolidated net profit in the quarter ended March 31, to Rs 722.48 crore from Rs 304.32 crore in the same quarter in 2021-22 (FY22). The company's board recommended a dividend of Rs 1.2 per share.
"The Board has recommended a dividend of Rs 1.20 (@ 120 per cent) per equity share of the face value of Rs 1 each fully paid up for the Financial Year 2022- 23, subject to approval by shareholders of the Company," the company said.
The revenue from operations of the flagship firm of the Adani Group was up 26.06 per cent to Rs 31,346.05 crore in the quarter. It was Rs 24,865.52 crore in the last quarter of FY22.
In FY23, the company's net profit was up 207.4 per cent to Rs 2,421.6 crore from Rs 787.7 crore in FY22.
Adani Enterprises' mainstay coal trading business recorded a 42 per cent jump in earnings before interest, taxes, depreciation, and amortization (EBITDA).
While coal prices fell in the quarter, the trading business benefited from higher volumes as well as cost optimisation, the company said. Demand for coal picked up this year as power plants stocked up the fuel in anticipation of a surge in summer electricity consumption.
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The company said EBITDA at its New Industries Ecosystem business, which houses its green energy operations, rose 23 per cent in the quarter.
Adani Enterprises also said it re-appointed billionaire Gautam Adani as an executive chairman for a term of five years.
(With agency inputs)
