Adani Enterprises Share Price 4 May 2024
Adani Enterprises, the parent company of Adani Group, has announced its financial results for the fourth quarter of the fiscal year 2023-24. In the January-March quarter, the company’s net profit has declined by 38% on an annual basis. The company has earned a net profit of Rs 451 crore in this period. This is lower than the Rs 722 crore net profit earned by the company in the same quarter of the previous financial year. The main reasons for the decline in profits are high costs and increased raw material prices.
Despite the decrease in profits, Adani Enterprises has good news for its shareholders. The company will continue to pay dividends to shareholders, even though the quarterly profit has decreased. Adani Enterprises has announced a dividend of Rs 1.3 per share for the financial year 2023-24.
In the fourth quarter of the financial year, Adani Enterprises’ revenue increased by almost 1% to Rs 29,180 crore. The company had recorded revenue of Rs 28,944 crore in the same quarter of the previous year. The company’s EBITDA decreased by 11% to Rs 3,195 crore during the quarter, compared to Rs 3,607 crore in the same period last year. Additionally, the company’s margin in the March quarter increased to 10.9% from 12.5% in the previous year.
It is estimated that Adani Enterprises’ fourth quarter income was most affected by operating expenses, which increased by 31% annually to Rs 9,324 crore. The cost of materials used during the quarter increased from Rs 1,324 crore to Rs 2,824 crore. According to the results, the company’s total expenses for the quarter increased by 2% annually to Rs 28,309 crore, which was higher than the net profit.
In addition, Adani Group’s company operating Mumbai International Airport Limited incurred an extraordinary loss of Rs 627 crore for the period from March 2022 to September 2022. Adani Enterprises is in talks with investors from the US and Europe to raise over a billion dollars for its Mumbai airport operations and solar panel business. The airport operator aims to expand the airport sector and triple passenger handling capacity. Adani Group plans to invest over $100 billion in green energy transformation in the next 10 years to achieve zero emissions in its ports, energy, and cement operations by 2050. There is also a plan to promote the use of green hydrogen.
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