Adani Group stock which is engaged in multiple businesses through its subsidiaries jumped 2.62 percent from the day’s low following its Q3FY24 results with a 491.81 percent QoQ jump in net profit.
With a market capitalization of Rs. 3,59,365.85 Crores, the shares of Adani Enterprises Limited closed at Rs. 3,154.85, up 0.41 percent from the previous day’s close price of Rs. 3,142.
Its revenue from operations grew by 6.47 percent YoY from Rs. 26,612.23 Crores in Q3FY23 to Rs. 28,336.38 Crores in Q3FY24 and it grew 25.84 percent QoQ from Rs. 22,517.33 Crores in Q2FY24 to Rs. 28,336.38 Crores in Q3FY24.
Its Net Profit grew by 166.63 percent YoY from Rs. 739.88 Crores in Q3FY23 to Rs. 1,972.75 Crores in Q3FY24 and it grew 491.81 percent QoQ from Rs. 333.34 Crores in Q2FY24 to Rs. 1,972.75 Crores in Q3FY24.
Adani Enterprises Limited operates across various businesses like resource management, FMCG, Power, airports, data centers, and many more through its subsidiaries.
Adani Green Energy Limited a subsidiary of Adani Enterprises is developing the world’s largest renewable energy park in Gujarat to enable its vision of 45 GW of operating renewable capacity by 2030 to play a critical role in India’s net zero journey.
Adani Enterprises also holds the title of India’s largest private port player through its subsidiary Adani Ports & Special Economic Zone, which has 14 ports across India with a capacity of ~607 MMT.
According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold 72.61 percent stake, the Domestic Institutional Investors hold 5.44 percent and the Foreign Institutional Investors (FII) hold 14.65 percent.
Written by: Bharath K.S
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