Adani Enterprise Q4 net profit more than doubles, signaling recovery from Hindenburg row

Adani Enterprises Ltd.’s latest quarterly profit more than doubled as billionaire Gautam Adani’s flagship firm seems to recovered from a scathing short seller attack earlier this year that wiped out more than $100 billion off the conglomerate’s market value.

The Ahmedabad, Gujarat-based company posted a net income of 7.22 billion rupees ($88.2 million) for the quarter ended March 31, compared to 3.04 billion rupees in the same period last year, it said in an exchange filing Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.

Revenue rose 26% to 313.5 billion rupees while total costs climbed 22% to 301.8 billion rupees, the filing said. Its shares climbed 5.1% after the earnings were announced which showed gross debt paring to 383.2 billion rupees from 410 billion rupees last year.

The impressive earnings can bolster Adani Enterprises’ growth and fundraising plans as it oversees a motley mix of businesses from airports, data centers to roads and digital services. This also shows that the incubator of the ports-to-power conglomerate is focused on strengthening its operations after being slammed by a bombshell report from Hindenburg Research in the end of January. Adani Group has denied Hindenburg’s allegations of corporate fraud.