Shares of Adani Transmission Ltd rose 5% in Tuesday's early trade following the company's robust third quarter results released on Monday.
For Q3FY23 (October-December), the company reported an increase in consolidated profit after tax of 73% year-on-year (YoY) to ₹478.15 crore. In the corresponding period of the prior fiscal year, the company had reported net profit of ₹283.75 crore.
For the quarter ended December, the company's revenue increased by 15.8% to ₹3,037 crore from ₹2,623 crore in the same period the previous year. In Q3FY23, its earnings before interest, taxes, depreciation, and amortisation (EBITDA) was ₹1,708 crore, up 28.9% on year.
In Monday's trading session, Adani Transmission recorded a new 52-week low with the stock ending the day 10% lower at ₹1,256.45.
The market value of the Adani Group companies has decreased by more than half after US short seller Hindenburg Research accused the group of committing fraud to inflate revenue and stock prices.
Following the allegations that led to a sharp fall in the stock prices, Adani Enterprises called off its ₹20,000-crore follow-on public offer (FPO).
The promoters of Adani Group are in the process of prepaying loans worth $1.11 billion, prior to their maturity in September. The loans were taken against shares as collateral.
According to a MintGenie poll, two analysts on an average have a ‘strong buy’ call on the stock.