Adani Group promoter Gautam Adani has increased his stake in the group’s flagship company Adani Enterprises. Gautam Adani has bought more than 2% stake in Adani Enterprises from the open market since September 2023. Adani Enterprises has given this information in a stock exchange filing on Friday (June 14). The company said that the promoters of Adani Group and its associated companies have bought shares of Adani Enterprises through the open market. Promoter group’s stake increased by 2.02% to 73.95% Before this acquisition, the promoter group’s share of total voting capital or shares with voting rights in the company was 71.95%, which has increased by 2.02% to 73.95% after the purchase in the open market. Shares of Adani Group companies had seen a decline of up to 25% on June 4, while in the previous few sessions it had seen a lot of growth. Adani Enterprises shares have gained 12% so far this year. After the Hindenburg Research report came out in January 2023, the shares of the group’s companies saw a sharp decline. However, by May 2024, the companies had fully recovered from this decline. The company’s stock rose 1.37% to close at Rs 3,269 The company’s stock closed 1.37% higher at Rs 3,269 today. The company’s market cap has also reached Rs 3.72 lakh crore. The company’s stock has gained more than 7% in the last one month. At the same time, its stock has increased by 9% in the last six months. In the last one year, it has given 33.04% return to investors. The company’s fourth-quarter profit fell 38% Adani Enterprises released the results for Q4FY24 i.e. the fourth quarter of 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 crores. In the same quarter last year, the company’s consolidated net profit was ₹ 722.48 crores. At the same time, in the previous quarter (Q3FY24) it was ₹ 1,888.45 crores. That is, the company’s consolidated net profit has come down by 76.14% on a quarterly basis (QoQ). The company announced a dividend of Rs 1.3 Along with the result, the Board of Directors of Adani Enterprises has also approved a dividend of Rs 1.3 per share to its investors. Companies give a part of the profit to their shareholders, it is called dividend. The company’s revenue increased to ₹ 29,180 crore The consolidated revenue (income) of the company from operations in the fourth quarter increased by 0.81% year-on-year to ₹ 29,180.02 crore. In the same period of the previous financial year, it was ₹ 28,943.84 crore. In the previous quarter (Q3FY24), the consolidated revenue of the company was ₹ 25,050.23 crore. That is, the company’s revenue has decreased by 13.45% on a quarterly basis (QoQ). 32% increase in profit in the entire financial year The consolidated profit of the company has increased by 32% in the entire financial year. In FY24, the consolidated profit of the company was Rs 3,240.78 crore. In the previous financial year i.e. FY23, the profit of Adani Enterprises was Rs 2,472.94 crore. Adani Enterprises was founded in 1988. Adani Enterprises Limited is a part of the Adani Group of companies. Gautam Adani founded the 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.
