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Adani Enterprises, India's conglomerate, reported a substantial increase in its third-quarter profit, more than doubling from the previous year, buoyed by robust performance in its coal trading and new energy divisions. The company disclosed a consolidated profit of ₹19 bn ($228Mn) for the quarter ending on December 31, compared to ₹8 bn in the same period the previous year.
The Earnings before Interest, Taxes, Depreciation, and amortisation (EBITDA) for Adani's core coal trading business surged by 70% to ₹15 bn. Additionally, Adani New Energy reported an impressive 194% growth in EBITDA, amounting to ₹673 bn.
Despite a decline in coal prices, higher margins and volumes in coal trading were cited as driving forces behind the division's increased EBITDA, as highlighted in a statement by Adani Enterprises. The company attributed the higher margins to robust expense management, with overall expenses rising by only 1%.
Revenue from operations also exhibited positive growth, increasing by 7% to reach ₹283 bn.
Adani Group companies, including Adani Enterprises, faced a setback last January when a report by U.S. short-seller Hindenburg Research led to a significant reduction in the market capitalisation of the group's main seven stocks. However, the shares have since rebounded, and investor confidence has been bolstered by a Supreme Court ruling earlier this year, stating that Adani does not require further scrutiny. Investments from Abu Dhabi conglomerate International Holding and U.S. boutique investment firm GQG Partners have further contributed to restoring confidence.
Following the Q3 results, Adani Enterprises' shares rose by 1.2% to ₹3,176.
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