Adani Enterprises incorporates subsidiary for fertilizers biz

The company has incorporated a wholly owned subsidiary, Kutch Fertilizers, on 10th May 2022, with an initial authorized and paid-up share capital of Rs 10 lakh each.

Kutch Fertilizers will carry out business of manufacturing and trading of fertilizers of all kinds and other allied items required for agricultural. It will commence its business operations in due course.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centered in the fields of airport management, technology parks, roads, data center, and water infrastructure.

AEL posted a 15.7% decrease in consolidated net profit to Rs 304.32 crore in Q4 FY22 as against Rs 360.93 crore in Q4 FY21. Net sales in the fourth quarter stood at Rs 24,865.52 crore, up 83.8% from Rs 13,525.07 crore reported in the same period last year.

Shares of AEL rose 0.44% to settle at Rs 2119.65 on Wednesday.

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