Adani Firms Double Net Profit In First Half, Add Rs 1.6 Lakh Crore Market Cap
Cumulative profit for nine companies rose by 106% with ACC Ltd. leading the pack, reporting five-fold growth.
Net profit for listed Adani Group companies rose to over twice their value during the first half of fiscal 2024, when compared to the same period last year.
Cumulative profit for nine companies rose by 106%, with ACC Ltd. leading the pack, reporting five-fold growth during the half-yearly period. The cement maker reported a sales growth of 15.7%.
Ambuja Cements Ltd. acquired a majority stake in Sanghi Industries in an all-cash deal, valuing it at an enterprise value of Rs 5,000 crore.
New Delhi Television Ltd. has not been included in the above list, as the acquisition of a majority stake in the company was still underway till March 2023.
Cumulative market capitalisation for the 10 group companies also rose over the period.
The companies added Rs 1.67 lakh crore over the course of the current fiscal, which was at Rs 10.78 lakh crore at the end of the second quarter.
The first quarter saw an addition in market cap of over Rs 95,000 crore, with nearly Rs 72,000 crore added in the second quarter.
Total market capitalisation for the group stood at Rs 10.2 lakh crore on Friday.
Adani Enterprises Ltd. recorded the highest contribution to the addition in market cap in the half-yearly period, adding Rs 75,000 crore, while Adani Power Ltd. made the second greatest addition by Rs 71,600 crore.
(Corrects an earlier version that misstated Ambuja Cements acquired the majority stake from Sanghi Movers, instead of Sanghi Industries)
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns a 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
