Gautam Adani: Gautam Adani increased stake in Adani Enterprises, bought 1.32% more shares in June quarter

Gautam Adani raises stake in Adani Enterprises :Billionaire industrialist Gautam Adani has further increased his stake in Adani Enterprises (AEL). During the June quarter, he increased his stake in the flagship company of his industrial group (Adni Group) by 1.32 per cent. He has bought these additional shares from the open market in two installments. Under the first installment, between May 10 and 14, he bought an additional 0.42 per cent stake through Kampas Trade and Investment. After this, between May 21 and June 12, another 0.92 per cent stake was bought through Emerging Market Investment DMCC.

Rise in share price

The company has given information about the increase in share stake by Gautam Adani in the exchange filing done after the market closed on Friday. Earlier, the shares of Adani Enterprises closed at Rs 3,269 on the NSE on Friday with a gain of Rs 45.50 or 1.41 per cent.

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The stake was also increased in the September 2023 quarter

Earlier during the quarter ended September 2023, Gautam Adani had increased his stake in Adani Enterprises (AEL) by 0.68 per cent through Infinite Trade and Investment Limited. Other shareholders belonging to the promoter and promoter group of AEL include Adani Tradeline Private Limited, Flourishing Trade and Investment Limited, Worldwide Emerging Market Holding and Afro Asia Trade and Investment Limited.

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Financial Performance of Adani Enterprises

Adani Enterprises reported a consolidated net profit of Rs 451 crore during the quarter ended March 2024, down 38 per cent as compared to the consolidated net profit of Rs 722.48 crore posted by the company in the same quarter of the previous fiscal. The consolidated revenue from operations of the company during the reporting quarter stood at Rs 29,180 crore, up 0.81 per cent as compared to the consolidated revenue of Rs 28,944 crore in the same period a year ago. On a sequential basis, the consolidated net profit (PAT) of the company in the March quarter was 76 per cent lower than the PAT of Rs 1,888.45 crore in the December 2023 quarter (Q3FY24).

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Reasons for declining profits

The main reason for the decline in the company’s profit during the March quarter (Q4FY24) can be attributed to the increase in the company’s expenses and some unusual losses. Compared to the same quarter last year, the company’s total expenses increased to Rs 28,308.67 crore, which shows an increase of more than 19 percent on an annual basis.