ADANI ENTERPRISES CROSSES ~1-TRILLION M- CAP

Gautam Adani-led Adani Enterprises on Wednesday joined the ~1-trillion-market capitalisation club after its shares touched a 52-week high of ~944.75 on the BSE.

Shares of the company ended at ~918.65 on the BSE, up 5.28 per cent from Tuesday’s close with market capitalisation at ~101,034 crore. With this, the company is third in the Adani Group to have achieved the feat.

In December, Adani Ports and Special Economic Zone (APSEZ) had crossed the ~1 trillion market capitalisation for the first time. Adani Green Energy, on the other hand, was the first Gautam Adani-led group to have crossed the ~1trillion mark in m-cap in September last year. “Adani Enterprises continued its journey towards laying the foundation for several new businesses that the group is venturing into. These include airports, data centres, roads, and water.

The fact that Adani Enterprises was able to grow its revenue and Ebitda (earnings before interest, depreciation, taxes and ammortisation) through a year of crisis is a reflection of the resilience of India’s economy as well as our confidence and commitment to continue to invest to build the nation’s infrastructure,” Gautam Adani, chairman of the Adani Group, was quoted as saying, in the quarter ended December’s earnings release.

The company’s top line in the period under review stood at ~11,620 crore, up 6.1 per cent from the October-december quarter last year. Ebitda for the quarter increased by 6 per cent from last year at ~939 crore.

The company’s performance started to improve in the December quarter as its 9month earnings as well as top line remained lower compared to the corresponding period of last year due to the ongoing pandemic.