Adani Group Shares: As a result of an extraordinary expenditure, as well as an increase in material costs and operational expenditures, the net profit for the fourth quarter of fiscal year 24 was reduced by 38 percent year-on-year to Rs 451 crore. According to a report that the company made with the market on May 2, the revenue from operations of the flagship company of the Adani Group increased by about one percent year over year to a total of Rs 29,180 crore in the fiscal fourth quarter.
Additionally, Adani Enterprises said that it will be paying a dividend of Rs 1.3 per share for the entire fiscal year 2023-24. After the results of the fourth quarter, the stock went into the red after giving up intraday gains. A share of Adani Enterprises was selling at Rs 3,045.65 at approximately three o’clock in the afternoon, representing a decrease of 0.3 percent from the previous day’s closing price.
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Adani Enterprises’ operating expenditures, which increased by 31 percent year-on-year to a total of Rs 9,324 crore, appeared to have been the source of the greatest impact on the company’s profitability for the fourth quarter. The amount of money spent on materials consumed during the quarter increased by more than twofold compared to the previous year, going from Rs 1,324 crore to Rs 2,824 crore.
The data showed that the company’s overall expenses for the quarter saw a year-on-year increase of 2 percent, reaching a total of Rs 28,309 crore. This increase was greater than the gains that were made in total income.
For the period of March 2022 to September 2022, the Adani Group firm, which is responsible for the operation of the Mumbai international airport, incurred an extraordinary loss of Rs 627 crore in relation to the yearly fees for Mumbai International Airport Ltd. This loss was recorded as an expense made by the company.
Adani Group Journey
One year ago, the commercial mining section of the company reported a profit of 231 crore, while this year it reported a loss of 201 crore before taxes.
In contrast to the impressive performance of the company’s flagship coal trading section, which nearly doubled its profit before taxes to Rs 1,571 crore, the mining and infrastructure divisions did not perform as well as they should have.
An article that was published not too long ago by Mint stated that Adani Enterprises is now in negotiations with investors in the United States and Europe to finance as much as one billion dollars for the Mumbai airport and the company’s solar panel business. According to the report, which cited sources that were not identified, the airport operator intends to raise the capacity for passenger handling and increase the size of the airport area simultaneously.
A further objective of the Adani Group isthe to achieve net zero emissions from its ports, power, and cement activities by the year 2050. To achieve this goal, the Adani Group intends to invest up to one hundred billion dollars in green energy transition over the next ten years. As part of its efforts to reduce carbon emissions from operations, the organization intends to increase its utilization of environmentally friendly hydrogen.
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