Adani Enterprises Q4 Profits Jump Twofold As It Recovers From Hindenburg Attack

Adani Enterprises' shares surge 4 per cent in trading, due to 137 per cent profit growth in Q4 and approval of a 120 per cent dividend for eligible shareholders.

The company announced in a stock exchange filing that the Board has recommended a dividend of Rs 1.20 per equity share of face value Re. 1 each, fully paid up for the Financial Year 2022-23, subject to approval by shareholders.

Pursuant to the Regulation 42 of SEBI Listing Regulations, the company has fixed 7 July 2023, as the 'Record Date' for the entitlement determination of the members of the Company to receive the dividend.

"The said Dividend, if declared by the shareholders at the ensuing AGM, shall be paid on or after 21st July, 2023, subject to deduction of tax at source as applicable," said Adani Enterprise in a stock exchange filing, reports Livemint.

This announcement indicates the company's commitment towards rewarding its shareholders through the payment of dividends.

The company's Q4FY23 revenue rose 26 per cent YoY to Rs 31,346.05 crore from Rs 24,865.52 crore in Q4FY22. Its FY23 revenue was Rs 136,977.76 crore vs Rs 69,420.18 crore in FY22.

Adani Enterprises recorded a 22.31 per cent YoY increase in net expenses to Rs 30,179.51 crore during Q4FY23 from Rs 24,673.25 crore in Q4FY22. In FY23, net expenses were at Rs 134,555.90 crore compared to Rs 69,480.64 crore in FY22.

The company showed impressive growth in net profit during the quarter under review, reaching Rs 722.48 crore, a 137.40 per cent YoY increase from Rs 304.34 crore in the previous year.

In addition, Adani Enterprises' PAT increased to Rs 2,472.94 crore from Rs 776.56 crore in FY23, a YoY surge of 218.44 per cent. The company's EPS in Q4FY23 was Rs 6.34 compared to Rs 2.77 in Q4FY22.

“Once again, Adani Enterprises has lived up to its standing as not only India’s most successful business incubator but also one of the world’s most successful infrastructure foundries," said Gautam Adani, Chairman, Adani Group, as per the report.

“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses.

"Our mega-scale infrastructure project execution capabilities and our O&M management skills, which are comparable to the best in the world, are strengths that we continue to derive from the Adani portfolio’s diversity to create reliable long-term value for all our investors.

"Our focus remains on governance, compliance, performance, and cashflow generation," Adani added.