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Wednesday, Oct 05, 2022
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Q2 Results: Adani Enterprises Profit Drops 55 Per Cent, Welspun India Profit Up 7.2 Per Cent. Should You Buy?

Adani Enterprises Ltd (AEL) reported a 55.3 per cent decline in consolidated profit at Rs 194.54 crore for the quarter ended September, hit by higher expenses.

Q2 Results: Adani Enterprises Profit Drops 55 Per Cent, Welspun India Profit Up 7.2 Per Cent. Should You Buy?
Q2 Results: Adani Enterprises Profit Drops 55 Per Cent, Welspun India Profit Up 7.2 Per Cent. Should You Buy?
outlookindia.com
2021-11-11T14:38:35+05:30

Adani Enterprises Ltd (AEL) on Wednesday reported a 55.3 per cent decline in consolidated profit at Rs 194.54 crore for the quarter ended September, hit by higher expenses.

The company had posted a consolidated profit of Rs 435.73 crore in the year-ago period, Adani Enterprises said in a filing to BSE.

However, consolidated total income during the July-September quarter increased to Rs 13,597.10 crore over Rs 9,312.14 crore in the year-ago period.

Total expenses increased to Rs 13,408.53 crore from Rs 8,788.59 crore.

Home textiles major Welspun India Ltd on Wednesday reported a 7.23 per cent rise in its consolidated net profit to Rs 201.50 crore for the second quarter ended September 30.

The company had posted a consolidated net profit of Rs 187.90 crore in the July-September quarter last financial year, Welspun India said in a regulatory filing.

Its consolidated revenue from operations surged 26.04 per cent to Rs 2,487.63 crore during the quarter under review. It was Rs 1,973.66 crore in the year-ago period.

Welspun India’s total expenses rose 27.56 per cent to Rs 2,218.09 crore against Rs 1,738.85 crore.

Its revenue from home textiles was Rs 2,374.88 crore and Rs 159.62 crore from the Flooring segment.

Factors investors should take into consideration for buying or not:

Adani Enterprises, the subsidiary of the Adani Group, is in talks with at least half a dozen sovereign and global pension funds and energy majors, such as the Abu Dhabi Investment Authority (ADIA), the Qatar Investment Authority (QIA), a BNP Paribas arm and TotalEnergies SE, to raise up to $2 billion in equity sales.

The proposed fundraising is part of the Adani Group’s broader plan to make  Adani Enterprises a ‘sustainable’ energy major while decarbonising transportation and industrial sectors and helping achieve India’s green objectives, as per The Economic Times.

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