Despite 51 percent decline in net profit of Adani Enterprises, the company’s shares rose, see update

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Adani Enterprises: India’s second largest industrialist Gautam Adani (Gautam AdaniThe trouble that started after the release of Hindenburg Research Report is not ending. Adani Enterprises Limited (ael)’s net profit for the second (July-September) quarter of the current financial year 2023-24 has halved. It is being told that the company’s profit has decreased due to loss in mining business and increase in operating expenses.

Adani Enterprises While giving information to the stock market about the results of this quarter, it was told that the integrated net profit for the July-September quarter has declined by 50.5 percent to Rs 222.82 crore. In the same quarter last year it was Rs 460.94 crore. The company’s operating expenses have increased by eight percent during the period under review. The company had suffered a loss of Rs 132.22 crore from commercial mining in July-September, 2022. This loss has increased to about Rs 340 crore in the second quarter of the current financial year.

AEL’s new energy and airport businesses recorded strong growth in revenue and profit before tax. Revenue from the new energy business, which also includes solar module manufacturing, tripled to Rs 1,939 crore and profit before tax increased 11 times to Rs 628 crore. The company said it now has four GW of operational solar manufacturing capacity, while module sales have increased 205 percent to 630 MW.

After the quarterly results are out, action is being seen in the company’s shares even on the last trading day of the week. At 10.15 am, the company’s shares were trading at Rs 2268.70 with a rise of about 2.41 percent i.e. Rs 53.41.

However, the impact of the company’s losses this quarter is visible during the day. Till 11.20 am, a slight decline was seen in the company’s shares. At 11.18 am, the company’s shares saw a slight decline of 1.22 percent compared to the morning.

In the last 52 weeks, the company’s shares had reached the highest level of Rs 4,190. Whereas, the lowest level was Rs 1,017.45.

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