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Adani Enterprises receives LoA’s from NHAI

Adani Enterprises receives LoA’s from NHAI.

Adani Enterprises transport arm Adani Transport Limited, a wholly owned subsidiary received Letter of Awards (LoA’s) from National Highway Authority of India (NHAI). These LoA’s were received as a result for two hybrid annuity road projects from NHAI in Telangana. The project includes four laning of NH-363 from Mancherial to Repallewada in Telangana under NHDP Phase lV. The valuation of the funds infused by NHAI are worth Rs 1356.9 crore. Another project offer received is for the four laning of Suryapet to Khammam of NH365BB under Bharatmala Pariyojana. The valuation of this project is Rs 1566.3 crore. Adani enterprises also diversified its portfolio at the start of the year by investing in petrochemicals and technology sector.

Adani Enterprises is a multinational Indian conglomerate engaged in infrastructure sector. The company is majorly engaged in coal trading, coal mining, oil and gas exploration, multi-modal logistics, gas distribution, power generation and transmission and ports. It was founded by Gautam Adani in 1988 as a commodity trading business. Further, The Adani Group’s diverse business includes agri-businesses, logistics, financial services, real estate, resources, energy and defense and aerospace.

Financials.

In the quarter ended December 2018, the consolidated profit of Adani Enterprises plunged by 72% to Rs 80.09 crore. As compared to its YoY figure of Rs 287 crore. The business in the process of diversifying which caused them to incur heavy expenses. This resulted in decline in consolidated profit  heavily. Although the decline in net profit, the company’s total income increased considerably. Rs 10,548.14 crore was the total income in the quarter ended December, 2018 as against Rs 9241.61 crore YoY thereby witnessing a growth of 11.43%. Further, the total debt of Adani Enterprises as in Q3FY19 is Rs 6568.33 crore whereas the investments in the same financial year is Rs 3008.97 crore.

 

Stock Moment:

Adani Enterprises surged 6.72% as on 12th March, 2019 trading at Rs 148.40 on the NSE. The stock has been consistently moving up since the last month and has grown 27.6% from Rs 117.2 as on 12th February, 2019.

 

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