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Adani Group Chairperson Gautam Adani (file photo)
Adani Group promoter Gautam Adani has increased his stake in the group’s flagship company Adani Enterprises. Gautam Adani has purchased more than 2% stake of Adani Enterprises from the open market from September 2023 till now.
Adani Enterprises has given this information in its stock exchange filing on Friday (June 14). The company said that the promoters of Adani Group and its associated companies have purchased shares of Adani Enterprises through the open market.
Promoter group stake increased by 2.02% to 73.95%
Before this acquisition, the total voting capital or voting rights share held by the promoter group in the company was 71.95%, which has increased by 2.02% to 73.95% after the open market purchase. There was a decline of up to 25% in the shares of Adani Group companies on June 4, whereas in the last few sessions it had seen a lot of growth.
Shares of Adani Enterprises have increased by 12% so far this year. After the report of Hindenburg Research in January 2023, there was a huge fall in the shares of the group companies. However, by May 2024, the companies had fully recovered from this decline.
The company’s shares closed at Rs 3,269, up 1.37%.
The company’s shares closed 1.37% higher at Rs 3,269 today. The market cap of the company has also reached Rs 3.72 lakh crore. The company’s shares have risen by more than 7% in the last one month. Its share has increased by 9% in the last six months. In the last one year, it has given 33.04% returns to investors.
Company’s fourth-quarter profit declined by 38%
Adani Enterprises released the results of Q4FY24 i.e. the fourth quarter of the financial year 2024 on May 2. In the January-March quarter, the company’s consolidated net profit declined by 38% on an annual basis (YoY) to ₹ 450.58 crore.
The company’s consolidated net profit in the same quarter last year was ₹722.48 crore. Whereas in the last quarter (Q3FY24) it was ₹1,888.45 crore. That means the company’s consolidated net profit has declined by 76.14% on quarterly basis (QoQ).
The company announced a dividend of Rs 1.3
Along with the results, the Board of Directors of Adani Enterprises has also approved giving a dividend of Rs 1.3 per share to its investors. Companies give some part of the profits to their shareholders, it is called dividend.
Company’s revenue increased to ₹29,180 crore
The company’s consolidated revenue (income) from operations in the fourth quarter increased by 0.81% year-on-year to Rs 29,180.02 crore. It was Rs 28,943.84 crore in the same period of the last financial year.
The company’s consolidated revenue in the last quarter (Q3FY24) was ₹25,050.23 crore. That means the company’s revenue has decreased by 13.45% on quarterly basis (QoQ).
32% increase in profits in the entire financial year
The company’s consolidated profits have registered an increase of 32% in the entire financial year. The consolidated profit of the company in FY24 was Rs 3,240.78 crore. In the last financial year i.e. FY23, the profit of Adani Enterprises was Rs 2,472.94 crore.
Adani Enterprises was established in 1988
Adani Enterprises Limited is a part of the Adani Group of companies. Gautam Adani founded Enterprises in 1988. The company’s chairman is Gautam Adani, managing director is Rajesh Adani and CEO is Vinay Prakash.
The company works on energy and infrastructure projects. Adani Enterprises is the country’s largest business incubator. This company works in the fields of Energy and Utility, Transportation and Logistics, Consumer Goods and Primary Industry.
