Adani Enterprises share price surges 1% today after Q4 net profit more than doubles on-year

Adani Enterprises share price surges 1% today after Q4 net profit more than doubles on-year

Adani Enterprises share price jumped 1.1% today or Rs 20.95 to Rs 1,932.2 after the Gautami Adani-led company’s net profit surged 137.4% on-year to Rs 722.48 crore in Q4FY23 as against Rs 304.32 crore in the same quarter last year. The company recommended a dividend of Rs 1.20 per equity share of face value of Re 1 each fully paid up for the financial year 2022-23.

Adani Enterprises shares have risen 13% in the past one month while the stock has fallen 50% in the last 6 months. Meanwhile, the benchmark equity indices, NSE Nifty 50 and BSE Sensex tanked over half a percent in the early morning trade on Friday. Adani Enterprises’ revenue from operations came in at Rs 31,346.05 crore, up 26.1% on-year from the previous Rs 24,865.52 crore owing to strong performance by IRM and the Airports business.

Hindenburg said it holds a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments. The report further noted that Adani Group’s 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. Adani Enterprises shares are still about 45.3% lower than that prior to the impact of the report, and down about 55% from the 52-week high of Rs 4,190 per equity share.