This is what Gautam Adani has to say on Adani Enterprises' third quarter earnings

 

Troubled Adani Enterprises today announced its December quarter results, amid a slide in shares of Adani group companies following a scathing report by US-based short-seller Hindenburg Research.

Over the last three decades, quarter after quarter and year after year, Adani Enterprises has not only validated its position as India's most successful infrastructure incubator, but has also demonstrated a track record of building core infrastructure business, said billionaire and chairman of Adani Group, Gautam Adani on Tuesday.

Troubled Adani Enterprises today reported its December quarter results amid fall in shares of Adani group companies following a grim report by US-based short-seller Hindenburg Research.

Adani Group Chairman said, "Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organizational development and exceptional O&M management skills, which are at par with the best in the world."

"AEL's exceptional resilience and ability to build highly profitable core sector businesses indicates that our strategy of harnessing the diverse strengths of the Adani portfolio of companies continues to create long-term value for all our stakeholders," he added.

Adani further added, “Our success is due to our strong governance, strict regulatory compliance, consistent performance and solid cash flows. The current volatility of the market is temporary; and as a classical incubator with a vision of long-term value creation, AEL will Will continue to operate with the twin objectives of leveraging and looking for strategic opportunities for expansion and growth."

Adani Enterprises reported quarterly profit versus loss a year ago on strong performance from its flagship coal trading division and airports business.


The company's consolidated profit for the third quarter ended December 31, 2023 stood at ₹820 crore, as against a net loss of ₹11 crore a year ago.

Shares of Adani Enterprises traded over 2% higher from lows during afternoon deals on BSE after the earnings announcement.