Brief-term contracts helped in bettering fuel price, Adani Whole Fuel stated. (File)
Bengaluru:
Adani Whole Fuel reported a 17.2% rise in quarterly revenue on Thursday on worth hikes and short-term contracts, and the corporate stated it was evaluating an impartial evaluate following a U.S. short-seller’s important 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 impartial evaluate whereas reporting outcomes for different group firms on Tuesday.
The corporate, which distributes piped fuel in varied 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.
World fuel costs have jumped as a result of provide disruptions and sanctions linked to Russia’s invasion of Ukraine.
Adani Whole Fuel stated it sourced fuel by means of bilateral trades and Indian Fuel Change, serving to the corporate higher handle volatility in costs. Brief-term contracts helped in bettering fuel price, it stated.
Income from operations rose 27.3% to 11.86 billion rupees on the firm, a three way partnership between France’s power main Whole and Adani Group.
Adani Whole shares have been the worst affected ones, shedding 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 Whole Fuel stated administration has assessed that there have been no changes to its quarterly monetary outcomes because of the short-seller’s allegations.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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