Adani Enterprises (AEL) shares rose 10% to an intraday high of Rs 1,889, rebounding 17% from intraday lows on BSE on Tuesday, shortly after the company announced its October-December quarter (Q3FY23) earnings. Shares of the Gautam Adani-led group of companies touched an intraday low of Rs 1,611.30.

Adani Group’s flagship AEL was quoted 7% higher at Rs 1,837.60 at 2:27 pm, while the S&P BSE Sensex gained 1%. However, the stock has more than halved from its all-time high of Rs 4,189.55 on December 21, 2022.

For Q3FY23, AEL posted a consolidated profit after tax (PAT) of Rs 820 crore compared to a loss of Rs 12 crore in the same quarter of the previous fiscal year (Q3FY22).

The company’s total revenue rose 42% year-on-year to Rs 26,951 crore on solid performance from Adani New Energy Limited’s (ANIL) ecosystem, integrated resource management (IRM) and airport businesses.

Ebitda more than doubled (up 101%) to Rs 1,968 crore from Rs 977 crore a year earlier. The company said that the increase in Ebitda is in line with the increase in volume and price of the IRM & ANIL Ecosystem.

Production of solar modules in the ANIL ecosystem rose by 63% to 430 MW, AEL said. The company handled 20.3 million passengers at its seven operating airports, up 40% from a year earlier. IRM production rose 8% to 15.8 MMT, and mining services production was 6.2 MMT.

AEL’s next-generation strategic business investments centre around green hydrogen ecosystems, airport management, roads, data centres and primary industries such as copper and petrochemicals, all of which have significant potential to unlock value.