Billionaire Gautam Adani-led group’s flagship firm Adani Enterprises Ltd on Tuesday reported a swing to profit in quarter ending December 2022 from a loss a year before, and vowed to lower leverage in an attempt to restore investor confidence that has been roiled by a damning report of a US short seller.
The group, whose listed companies have lost over $120 billion in market value since Hindenburg Research released the report on January 24, said it had made no “material financial adjustments” owing to the allegations.
Adani Enterprise Ltd’s (AEL) consolidated net profit was at Rs 820.06 crore in third quarter of current fiscal compared to a loss of Rs 11.63 crore in the same period a year back, according to a stock exchange filing by the company.
