Adani Port has earned a profit of 1159 crores in just 3 months.
Adani Ports and Special Economic Zone (APSEZ), the flagship company of industrialist Gautam Adani, has earned a consolidated profit of Rs 1159 crore in just three months. This is 5 percent more than last year. Not only this, the company has also announced dividend to its shareholders.
In January 2023, America’s short seller company Hindenburg Research published a report against Adani Group. After this, there was a huge decline in the shares of all the companies of the group, but its effect on the profitability of the companies of the group has been negligible.
Company’s revenue increased by 40 percent
APSEZ released the results of the fourth quarter (January-March 2023) of the financial year 2022-23 on Monday night. Accordingly, the consolidated profit of this flagship company of the group has increased by 5 percent to Rs 1,159 crore. Whereas in the same period, its consolidated revenue has increased by 40 percent as compared to the same period of the financial year 2021-22. It has been Rs 5,797 crore.
In the financial year 2022-23, the company’s profit has increased by 9 percent to Rs 5,310 crore. At the same time, the company’s revenue has increased by 22 percent to Rs 20,852 crore.
Share holders will get dividend
The board of directors of the company has also declared dividend for the shareholders. The company will give a dividend of Rs 5 to its shareholders for the financial year 2022-23.
Apart from this, Adani Port expects that its revenue will increase from Rs 24,000 to 25,000 crores in the current financial year 2023-24. While his income before paying tax can reach the level of Rs 15,000 crore.
Will invest up to 4500 crores
With this, Adani Ports and SEZ has said that it can invest Rs 4,000 to 4,500 crore during the current financial year. The thing to note is that the company has earned this tremendous profit amid the stir created by the Hindenburg Research report.
In the Hindenburg Research report, allegations were leveled against the Adani Group for manipulating the share prices of its companies, having huge debts and committing accounting fraud.