Adani Enterprises Ltd.’s quarterly profit rose 44% as Indian billionaire Gautam Adani’s flagship firm regained momentum after a damaging US short-seller attack earlier this year.
(Bloomberg) — Adani Enterprises Ltd.’s quarterly profit rose 44% as Indian billionaire Gautam Adani’s flagship firm regained momentum after a damaging US short-seller attack earlier this year.
The Ahmedabad-based company posted net income of 6.74 billion rupees ($81.4 million) for the quarter through June, compared to 4.69 billion rupees in the prior period, Adani Enterprises said in an exchange filing on Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.
Although revenue fell 38% to 254.4 billion rupees, costs also fell 39% to 247.3 billion rupees.
The incubator of the ports-to-power conglomerate has been fundraising and slowly recovering after the January broadside by Hindenburg Research, which alleged that Adani Group had engaged in years of stock manipulation and corporate fraud, causing a stock and bond meltdown. Adani has denied all wrongdoing.
Read more: Adani’s Grip on India’s Economy Fuels Rebound After Hindenburg
“Every quarter, year after year and across three decades, Adani Enterprises has consistently proven its reputation not only as India’s most successful business incubator but also as a global powerhouse in infrastructure development,” said Adani, chairman of the Adani Group. “These results are a validation of the Adani Group’s robust operational and financial achievements.”
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