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BUSINESS EYE NOVEMBER 11, 2022 | The Indian Eye 34

Adani Enterprises’ quarterly profit more

than double as Indian market goes bullish

India’s foreign exchange reserves during the week that ended on October 21 fell to a new over two-
year low of USD 524.520 billion, a drop of USD 3.85 billion from the previous week. India’s forex

reserves had declined by around USD 100 billion ever since Russia invaded Ukraine

OUR BUREAU
Mumbai/New Delhi
ndia’s Adani Enterprises on
Thursday reported a quarterly
Iprofit that more than doubled,
helped by strong performance at its
integrated resources management
and airports divisions. The compa-
ny’s consolidated profit rose to 4.61
billion Indian rupees ($55.60 million)
for the second quarter ended Sept. 30,
from 2.12 billion rupees a year earlier.
Revenue from operations of the
flagship company of coal-to-cooking
oil conglomerate Adani Group near-
ly tripled to 381.75 billion rupees
during the reported quarter. The in-
tegrated resources management divi-
sion, mainstay segment for the com-
pany, saw revenue more than triple
to 304.35 billion rupees, helped by
strong volumes and improved prices.
The Adani Group, led by Asia’s
richest person Gautam Adani, is
looking to expand its presence in
power generation and infrastructure Ed Knight, Executive Vice Chairman, Nasdaq and Myron Brilliant, Executive Vice President and Head of International Affairs,
and ventured into cement-making US Chamber of Commerce, conferred the 2022 Global Leadership Award to Gautam Adani at the India Ideas Summit organized by
operations earlier this year.
Adani Enterprises, which en- the US-India Business Council in September (ANI)
tered the Nifty 50 stock index at the
end of September, acts as an incuba- coupled with drop in crude oil prices. serves during the week that ended to 191 million standard cubic me-
tor for new businesses launched by The US markets ended lower yester- on October 21 fell to a new over two- ters, driven by a rise in CNG demand.
the Adani Group. Shares of Adani day as investors focus turned to the year low of USD 524.520 billion, a But what hurt ATGL was cost of gas,
Enterprises, which is also the largest Federal Reserve’s policy meeting this drop of USD 3.85 billion from the which it converts into CNG for sale
private coal supplier in India, have week (November 1-2),” said Mohit previous week. to automobiles and piped natural gas
more than doubled so far this year. Nigam, Head - PMS, Hem Securities. India’s forex reserves had de- (PNG) for household cooking and
Meanwhile, the bullish trend in Market sentiments will get a clined by around USD 100 billion industrial needs.
Indian stock indices continued for boost as production of eight infra- ever since Russia invaded Ukraine in Cost of natural gas more than
the third straight week as the bench- structure industries that comprise late February when imports of ener- doubled to Rs 860 crore in the quar-
mark index Sensex breached 60,000 the core sector recovered to grow at gy and other commodities got costli- ter, the statement said.
after several weeks. 7.9 per cent in September - a three- er globally. Over the past 12 months, “ATGL continued with full vigor
On Thursday, Sensex traded at month high - owing to a favorable the reserves declined by around USD and resilience in significantly aug-
61,086.05 points, up 339.46 points or base and double-digit growth in out- 115 billion on a cumulative basis. menting and investing in creating
0.56 per cent, whereas Nifty traded put of fertilizers, cement, and elec- In another development, it has backbone CGD infrastructure across
at 18,121.70 points, up 109.50 points tricity, Nigam of Hem Securities said. been reported that Adani Total Gas all its geographical areas with cross-
or 0.61 per cent. Among the Nifty However, declining foreign ex- Ltd (ATGL) on Thursday reported ing 6.25 lakh PNG home connections
50 stocks, Dr Reddy’s, NTPC, Divi’s change reserves is a concern among a 12 per cent drop in its September mark, crossing of 10,000 inch-km of
Labs, Adani Enterprises, and Apol- investors. quarter net profit as higher gas price steel pipeline, enhancing PNG sup-
lo Hospitals Enterprise were the top India’s forex reserves have been hurt margins. Net profit of Rs 139 plies to 6,088 businesses/industries
five gainers this morning. depleting for months now because of crore in July-September compared and enhancing CNG footprint to 367
“Today, markets are likely to start RBI’s likely intervention in the mar- with Rs 159 crore profit a year back, stations,” said Suresh P Manglani,
the new month on an optimistic note ket to defend the depreciating rupee. the company said in a statement. CEO of the company.
supported by steady foreign flows India’s foreign exchange re- Gas sales increased 9 per cent

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