Adani Enterprises Ltd., led by billionaire Gautam Adani, reported a 115% increase in quarterly profit, driven by growth in its newer ventures. This marks a significant rebound for the company following a critical short-seller attack last year.
The Ahmedabad-based conglomerate reported a net income of 14.5 billion rupees ($173 million) for the fiscal quarter ending June 30, compared to 6.74 billion rupees the previous year, according to a Thursday exchange filing. Due to an insufficient number of brokerages tracking the firm, an average profit forecast was not available.
Adani Footprint in Kenya
Adani has been on the spotlight over its investment in Kenya.
Kenyans took to the streets a number of them attempted to occupy Jomo Kenyatta International Airport (JKIA) demanding government’s explanation on the takeover rumors.
It came to light that Kenya’s government received a proposal from Adani Airport Holdings Ltd. to invest in the nation’s main airfield, said the Kenya Airports Authority (KAA).
Indian billionaire Gautam Adani’s company offered to help build a new passenger terminal and second runway at the JKIA in Nairobi, as well as refurbish existing facilities, KAA acting Managing Director Henry Ogoye said in a statement on Wednesday.
Also Read: KAA Reveals Deals in Which Indian-based Adani will Operate JKIA
Kenya Airports Authority Responds to JKIA Privatization Concerns Amid Protests
The proposal will be subjected to technical, financial and legal reviews to ensure it complies with the nation’s public-private partnerships laws, he said.
Adani’s Revenue Surge
Revenue for the quarter rose by 12.5% to 254.7 billion rupees, while total costs increased by 8.6% to 238.3 billion rupees.
Adani Enterprises, which operates a diverse range of businesses including coal trading, airports, data centers, and green hydrogen, also announced the separation of its consumer goods division.
The strong performance of Adani Enterprises, which serves as the incubator for the group’s new businesses, bolsters the broader ports-to-power conglomerate’s ambitious growth plans.
These plans include a $100 billion investment in green energy and a renewed confidence in tapping equity markets.
The Adani Group faced a severe challenge in early 2023 when Hindenburg Research accused it of widespread corporate fraud.
Despite the group’s denials, the allegations led to a significant stock decline and a prolonged period of damage control.
However, the company has been swiftly regaining its footing this year.
