Shares of Adani Enterprises hit a fresh 52-week high of Rs 358.95, up 4 per cent on the BSE on Wednesday after the company reported a strong operational performance in the September quarter (Q2FY21). The stock of the Adani Group company recovered 6.5 per cent from its intra-day low of Rs 337.50 on the BSE.
The consolidated EBIDTA (earnings before interest, taxes, depreciation, and amortisation) for the quarter increased by a healthy 76 per cent at Rs 951 crore owing to better volumes in mining services and solar manufacturing businesses.
The company’s consolidated profit after tax (PAT) attributable to owners stood at Rs 362 crore against Rs 50 crore in the previous year quarter. In Q2FY20, the profit was impacted due to a one-time exceptional loss of Rs 130 crore. Consolidated total income for the quarter increased by 8 per cent at Rs 9,312 crore.
Adani Enterprises said the solar manufacturing volumes increased by 50 per cent at 418 megawatt (MW), and mining services production increased by 17 per cent to 3.5 million metric tonne (MMT). The company took over the operations, management, and development of Mangaluru and Lucknow airports on 31st October and 2nd November respectively, while Ahmedabad airport to be taken over in November.
The company further said with a strong order book it will continue to focus on solar manufacturing to have sustainable growth. The company has signed five concession agreements with the National Highways Authority of India (NHAI) under the Hybrid Annuity Model for construction of roads aggregating to 200+ KMs, two of which were signed on July 20 each one in the state of Andhra Pradesh and Madhya Pradesh, it said.
At 02:58 pm, Adani Enterprises was trading 2 per cent higher at Rs 351.50 on the BSE, against a 0.94 per cent rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 9.3 million shares were changing hands on the NSE and BSE.