Adani Enterprises becomes third group firm to hit Rs 1-trn market cap

Adani Green Energy on the other hand, was the first of Gautam Adani-led Adani Group to have crossed the Rs 1-trillion mark in m-cap in September last year.
Gautam Adani-led Adani Enterprises today joined the Rs 1-trillion-market capitalisation club after its shares touched a 52-week high of Rs 944.75 per share on the BSE.

Shares of the company ended at Rs 918.65 on the BSE, up 5.28 per cent from Tuesday close with market capitalisation ending at Rs 1,01,034 crore.

With this, the company is the third of Adani Group to have crossed the Rs 1-trillion market capitalisation.

In December, Adani Ports and Special Economic Zone (APSEZ) had crossed Rs one trillion in market capitalisation for the first time, following news of Adani International Container Terminal Private Limited (AICTPL) having settled its first $300 million public USD bond issuance on 21st December 2020.

Adani Green Energy on the other hand, was the first of Gautam Adani-led Adani Group to have crossed the Rs 1-trillion 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 centre, roads, and water. The fact that Adani Enterprises was able to grow its revenue and EBIDTA 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 nation’s infrastructure,” Gautam Adani, chairman of the Adani Group, was quoted as saying in the quarter ended December earnings release.

The company’s top line in the period under review stood at Rs 11,620 crore, up 6.1 per cent from the October-December quarter last year. Earnings before interest, depreciation, taxes and ammortisation (EBIDTA) for the quarter increased by 6 per cent from last year at Rs 939 crore. The company’s performance started to improve in the December quarter as its 9-month earnings as well as topline remained lower compared to corresponding period last year due to ongoing pandemic. Topline for Apr-Dec period was down 14 percent on year-on-year basis, while operating profit declined seven per cent during the period under review.

Meanwhile, Adani Airports, a subsidiary of Adani Enterprises, completed the acquisition of a 23.5 per cent stake in Mumbai International Airport (MIAL) last month. MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport.

Adani Airports also won the mandate to modernise and run six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram for 50 years through a globally competitive tendering process conducted by the Airports Authority of India (AAI). Of these, it took over operations of Ahmedabad, Lucknow and Mangaluru in 2020.

Alongside, Adani Enterprises and EdgeConneX, a global data centres operator with 50 facilities in 30 markets around the world, on February 23, announced the establishment of a 50:50 joint venture.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel