Adani Ports, Green, Ambuja rise up to 8% post Q3; Adani Ent jumps 12%

Shares of Adani Ports and Special Economic Zone (APSEZ), Ambuja Cements, and Adani Green Energy rose up to 6% in opening trade on Wednesday after they released their earnings for the December quarter. Similarly, all other Adani group shares also opened higher, barring Adani Total Gas, which hit a 5% lower circuit for the fourth straight session. APSEZ shares opened 2.1% higher at ₹565 against the previous closing price of ₹553.30. The stock gained as much as 7.6% to ₹597, while the market capitalisation rose to ₹1.29 lakh crore. The counter has been rising for the last four sessions and added 29% during this period, from ₹462.45 on February 2. Ambuja Cements surged 3.6% to hit a high of ₹397.55 against the previous closing price of ₹383.70 on the BSE. The stock has been gaining since February 2 and jumped nearly 19% during this period. Snapping five sessions losing streak, Adani Green Energy share price climbed 3.2% to ₹869.90 in the early trade after opening lower at ₹830 against the previous closing price of ₹843.20 on the BSE. In the last five trading days, the stock has lost 29% in market value.

Meanwhile, shares of other Adani group stocks were trading higher today, led by Adani Enterprises which rose more than 12% in early deals. The flagship company of the billionaire Gautam Adani-led group had rallied 14.5% on Tuesday after eroding nearly 48% in market value in the last nine sessions. Bucking the trend, Adani Total Gas shares opened lower for the 12 consecutive sessions and locked in 5% lower circuit. The stock has lost 64.5% during this period. At Tuesday’s close, the total market cap of group companies stood at ₹11,506 crore, after falling by over ₹1 lakh crore in the last eight sessions amid selloff triggered by Hindenburg Research report. Adani Ports, the country’s largest integrated ports and logistics company, has reported a 16% year-on-year (YoY) drop in consolidated net profit at ₹1,315.54 crore for the third quarter ended December 31, 2022. However, the revenue from operations rose to ₹4,786.17 crore, up 17.5% from ₹4,071.98 crore in the corresponding quarter a year ago. The EBITDA increased 15% to ₹3,011 crore as compared to ₹2,612 crore in the same period last fiscal. Going ahead, the company expects to post revenue of ₹19,200-19,800 crore for financial year 2022-23, while EBIDTA is projected in range of ₹12,200-12,600 crore. For FY24, EBIDTA is expected to be ₹14,500-15,000 crore, while capex during the period to be ₹4,000-4,500 crore. The company also plans loan payments of ₹5,000 crore (including bonds).

Meanwhile, Ambuja Cements, the newly acquired cement arm of Adani Group, reported 13.2% year-on-year (YoY) increase in consolidated profit after tax (PAT) at ₹487.88 crore in October to December quarter in FY22, as against ₹430.97 crore in the year-ago period. The company’s revenue from operations surged by 3.7% YoY to ₹7,906 crore in the December quarter compared with ₹7,625.28 crore in the year-ago period. During the quarter, the EBITDA surged 6.1% to ₹1,138 crore as against ₹1,213 crore in the year-ago period. Adani Green Energy has posted 110% growth in net profit to ₹103 crore for the quarter ended December 31, 2022, from ₹49 crore in the year-ago period, aided by ₹44 crore profit from joint ventures and associates. The consolidated revenue from operations jumped 41% to ₹1,973 crore, from ₹1,400 crore in the year-ago period.