India's Adani Enterprises reported a swing to third-quarter profit on Tuesday from a loss a year earlier, and said it had made no 'material financial adjustments' in the wake of the U.S. short seller report that roiled its shares.
"Shares are reacting to the results and reversing some shorts that might have built up due to speculation," said Sameer Kalra, equity research analyst and founder of Target Investing.
The company's consolidated profit stood at 8.20 billion Indian rupees for the quarter ended Dec. 31, compared with a net loss of 116.3 million rupees a year earlier.Earnings before interest, taxes, depreciation, and amortization for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled.
The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in the volumes and prices of solar modules, the company said. Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargo from Russia, their main supplier of LNG and coal.
Reporting by Nallur Sethuraman in Bengaluru and Sudarshan Varadhan in Singapore; Additional reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Janane Venkatraman
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