scorecard
  1. Home
  2. business
  3. corporates
  4. news
  5. Adani Enterprise Q2 net profit halves to ₹222.82 crore

Adani Enterprise Q2 net profit halves to ₹222.82 crore

Adani Enterprise Q2 net profit halves to ₹222.82 crore
New Delhi, Billionaire Gautam Adani's flagship firm on Thursday reported halving of the second quarter net profit as losses in the mining business widened and operating expenses rose. Adani Enterprises Ltd's July-September quarter consolidated net profit of Rs 222.82 crore was down 50.5 per cent when compared with Rs 460.94 crore net profit in the same period last year, according to a stock exchange filing by the company.

While operating expenses rose 8 per cent, the company booked a one-time loss of Rs 88 crore on realisable value of assets held for sale of one of the subsidiaries of the group, Mundra Solar PV Ltd.

Losses on commercial mining widened to about Rs 340 crore from Rs 132.22 crore in July-September 2022.

AEL's businesses of new energy and airport posted robust growth in revenues and pre-tax profits. New energy business, which includes solar module manufacturing, saw revenues triple to Rs 1,939 crore and EBITDA rose 11x to Rs 628 crore. Airports business saw a 49 per cent jump in revenues to Rs 1946 crore and a 15 per cent increase in EBITDA to Rs 568 crore.

The company said it now has 4 GW of operational solar manufacturing capacity while module sales rose 205 per cent to 630 MW. After operationalising the phase-1 of Chennai data centre, the firm's data centres at Noida (near Delhi) and Hyderabad were 63-65 per cent complete.

Adani Airports Holdings handled 31 per cent more passengers at 21.4 million at its seven operational airports.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group. After incubating unicorns like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company is focused on next generation of its strategic business investments around green hydrogen ecosystem, airport management, data center, roads and primary industry like copper and petrochem.

Revenue from operations declined to Rs 22,517.33 crore in July-September from Rs 38,175.23 crore a year back.

"AEL has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24," a company statement said.

Key incubating businesses, including green hydrogen integrated manufacturing ecosystem, airports and roads collectively contributed 48 per cent of the overall EBITDA.

"We are fundamentally reshaping the essence of incubation scale and velocity," said Gautam Adani, Chairman of the Adani Group.

"Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra-incubating businesses, thereby being a strong testament to our incubating ventures."

The company has completed the ingot pilot plant and has produced India's first wafer, the statement added.

READ MORE ARTICLES ON



Popular Right Now



Advertisement