Adani Enterprises jumps after solid Q1 numbers

Adani Enterprises surged 3.98% to end at Rs 130.7 on the BSE after the company after consolidated net profit jumped 611.4% to Rs 570.14 crore on 39.74% rise in net sales to Rs 10561.37 crore in Q1 June 2019 over Q1 June 2018.

Aug 08, 2019 11:08 IST capital market

The result was announced during the market hours today, 8 August 2019.

Meanwhile, the S&P BSE Sensex was up by 638.86 points or 1.74% at 37,327.36.

On the BSE, 7.53 lakh shares were traded in the counter so far compared with average daily volumes of 4.2 lakh shares in the past two weeks. The stock had hit an intraday high of Rs 132.95 and an intraday low of Rs 124.1. The stock hit a 52-week high of Rs 180.7 on 23 May 2019 and a 52-week low of Rs 113 on 16 May 2019.

The earnings before interest tax depreciation and amortization (EBITDA) increased 85% to Rs 896 crore in Q1 June 2019 from Rs 484 crore in Q1 June 2018.

Commenting on companys Q1 perfomance, Gautam Adani, chairman, Adani Group said, “Adani Enterprises continues to make significant strides in lining up the next set of businesses that included airport management, data center parks, roads, water infrastructure and defense & aerospace. Its business portfolio has never been such stronger and each of these businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition.”

Adani Enterprises is the flagship company of Adani Group, one of Indias largest business conglomerates. AEL is a fast-growing company with a diversified business portfolio comprising integrated coal management and coal mining, solar modules manufacturing as well as edible oil business.

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