Adani Enterprises profit of Rs 820 crore in the third quarter, 101 percent increase in income
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Mumbai : Adani Enterprises, one of the major companies of Adani Group, has earned a profit of about Rs 820 crore in the third quarter ending December 2022. This firm of Adani Group had suffered a loss of about Rs 12 crore in profit during the quarter ended December 2021 a year ago. In a statement issued by the company on Tuesday, it has been said that during the period under review, its total income increased by about 42 per cent year-on-year to Rs 26,951 crore.
Adani Enterprises’ earnings before interest, tax, depreciation and amortization grew by nearly 101 per cent year-on-year to Rs 1,968 crore, according to a company statement. The company said that the nacelle facility at Mundra will be operational and will be commissioned in the first quarter of FY 2023-24. The company also said that an agreement was signed for a new engineering, procurement and construction (EPC) project for irrigation in Madhya Pradesh worth about Rs 3,246 crore.
LOA signed for Pelma mine in Chhattisgarh
The company’s chairman Gautam Adani said that in the context of roads, the provisional commercial operation date (COD) was received for the third Hybrid Annuity Model (HAM) project at Mancherial. The company also said that a Letter of Authorization (LoA) was also signed with Pelma mine in Chhattisgarh with a capacity of 15 MMT. He also added that AMG Media Network has also completed the acquisition of NDTV. Over the past three decades, Adani Enterprises has not only consolidated its position as India’s most successful infrastructure incubator quarter-on-quarter and year-on-year, but also has a track record of building a core infrastructure business, he said. is displayed.
Striving to maintain long-term value
Adani Enterprises Chairman Gautam Adani said that our fundamental strength lies in mega scale infrastructure project execution capabilities, organizational development and exceptional O&M (operations and maintenance) management skills, which are at par with the best in the world. Adani Enterprises Limited’s exceptional resilience and ability to build highly profitable core sector businesses indicates how our strategy of harnessing the diverse strengths of the Adani portfolio of companies continues to create long-term value for all our stakeholders.
Market volatility is temporary
Gautam Adani further said that our success is due to our strong governance, strict regulatory compliance, consistent performance and solid cash flow generation. The current market volatility is temporary and Adani Enterprises Limited will continue to grow as a classical incubator from a long term valuation point of view.
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