Adani Total Gas December Quarter Profit Rises 17.2% On Price Hikes

Bengaluru:

 Adani Complete Fuel reported a 17.2% rise in quarterly revenue on Thursday on value hikes and short-term contracts, and the corporate stated it was evaluating an unbiased evaluate following a U.S. short-seller’s vital report on its companies.

The corporate, half of a bigger conglomerate led by billionaire Gautam Adani, has been hit by a market rout after U.S. short-seller Hindenburg Analysis on Jan. 24 alleged it had engaged in inventory manipulation and used tax havens.

The group has denied all allegations. Adani Group first stated it might consider an unbiased evaluate whereas reporting outcomes for different group firms on Tuesday.

The corporate, which distributes piped gasoline in numerous Indian cities, stated consolidated revenue rose to 1.5 billion rupees ($18.18 million) within the quarter-ending Dec. 31, from 1.28 billion rupees a 12 months in the past.

International gasoline costs have jumped as a result of provide disruptions and sanctions linked to Russia’s invasion of Ukraine.

Adani Complete Fuel stated it sourced gasoline by bilateral trades and Indian Fuel Alternate, serving to the corporate higher handle volatility in costs. Brief-term contracts helped in enhancing gasoline value, it stated.

Income from operations rose 27.3% to 11.86 billion rupees on the firm, a three way partnership between France’s vitality main Complete and Adani Group.

Adani Complete shares have been the worst affected ones, dropping over $34 billion in market worth because the brief vendor’s report got here in.

TotalEnergies has not but signed a contract introduced final 12 months with Adani, ready for the results of an audit launched by the Indian conglomerate, the chief govt of the French oil main stated on Wednesday

Adani Complete Fuel stated administration has assessed that there have been no changes to its quarterly monetary outcomes because of the short-seller’s allegations.

(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

(Disclaimer: New Delhi Tv is a subsidiary of AMG Media Networks Restricted, an Adani Group Firm.)