Shares of Adani Enterprises Ltd, which has been a darling of investors for years now, are up nearly 8% from their all-time high in September, before reporting earnings for the latest quarter (Q2 FY23) on Thursday. Adani Group stock has more than doubled this year, giving multibagger returns in 2022 (YTD) so far.
Adani Enterprises is known for developing new businesses for the port-to-power group, which is rapidly diversifying into new areas such as green energy, airports, cement, data centers and media. Led by Asia’s richest man, the flagship was added to the benchmark NSE Nifty 50 index in late September. It has grown by about 3,500% in the last five years. As part of index rejig, Adani Enterprises replaced Shree Cement with Index and the changes were effective from September 30, 2022.
Headquartered in Ahmedabad, Adani Enterprises Limited (AEL) is the flagship firm of the conglomerate led by Indian billionaire Gautam Adani. Adani Group, multibagger stock It has delivered returns of over 108% so far in 2022 (YTD) and has grown by over 142% in a span of one year.
Adani Enterprises net profit up 73 per cent 469 crore in the first quarter ended June of the current financial year (Q1 FY23), while its consolidated revenue grew 223% year-on-year (YoY) 41,066 crore for the quarter ended June 30, 2022, on the back of Integrated Resource Management (IRM) and strong performance of the airport business.
Last month, Adani Enterprises Ltd was not evaluating a proposal to acquire the cement business of Jaiprakash Associates Ltd. Earlier this week, a Bloomberg News report came after the Adani Group disclosed in a stock exchange filing that the group was in talks to buy a cement unit for $606 million.
Adani Ports, the other firm in the group, which is also a part of the Nifty 50 index, posted net income that topped analysts’ estimates on Tuesday, tracking improvement in cargo volumes.
Citing Chief Financial Officer Jugeshinder Singh, the Adani Group plans to invest more than $150 billion in businesses including green energy, airports and healthcare.
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