Adani Enterprises Jumps 5% on Better Q1 Results

Adani Enterprises jumped over 5 per cent to Rs 478 on Monday as the company reported better than estimated consolidated profit of Rs 557 crore for the June quarter on the back of higher volume from its ports, power and mining verticals.

The company had reported a net loss of Rs 278 crore in the same quarter previous fiscal.

Adani Enterprises reported 41 per cent year-on year (y-o-y) jump in its revenue for the reporting period to Rs 16,524 crore and its ebitda increased 53 per cent y-o-y to Rs 3,156 crore.

The company also reported an increase in profitability in the reporting quarter. Its ebitda margin came in at 19.1 per cent as against 17.9 per cent in the same period last fiscal.

Adani Group is also reportedly planning to sell their Abbot Point coal terminal in Australia for $2 billion. Adani Group had bought this in May 2011, when the coal boom was at its peak.

As of 9.58 a.m. shares in Adani Enterprise traded 5.09 per cent higher at Rs 477 outperforming the benchmark Nifty which was up around 0.62 per cent.