Indian multinational giant Adani Enterprises’ latest quarterly profit more than doubled, dodging a fraud attack earlier this year that wiped out $133 billion of the company’s market value.
The Ahmedabad-based company’s net income increased during the first quarter to $88.2 million, the company reported in an exchange filing on Thursday.
“These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses,” Indian billionaire Gautam Adani said in a post-earnings statement. “Our focus remains on governance, compliance, performance and cash flow generation.”
The incubator of the ports-to-power conglomerate has pared back some of its expansion plans and focused on convincing investors of the strength of its operations after being slammed by a report from Hindenburg Research at the end of January accusing the group of “brazen” stock manipulation and accounting fraud.
Adani Group has denied Hindenburg’s allegations of corporate fraud.
