Adani Enterprises Q1FY24 PAT soars 44% YoY to Rs 674 cr
Mumbai: Adani Enterprises on Thursday reported its financial results for the quarter ending in June 2023, revealing a consolidated net profit of Rs 674 crore, an increase of 44 percent compared to the net profit of Rs 469 crore reported in the previous fiscal year.
According to an exchange filing, Adani Enterprises reported a decline in revenue from operations to Rs 25,438 crore for the quarter ending in June 2023, down 38 percent from Rs 40,844 crore in the same period last year.
The company attributed this decrease to the correction in coal prices.
However, the company's other income saw a rise to Rs 371.5 crore in Q1, compared to Rs 222 crore a year ago, which supported the increase in net profit.
Adani Enterprises experienced strong operational growth, leading to a 47 percent YoY increase in Earnings before interest, taxes, depreciation, and amortization (EBITDA) to Rs 2,896 crore.
Adani Enterprises functions as a business incubator and encompasses various businesses, including data centers, airports, roads, solar manufacturing, wind turbine manufacturing, and mining.
"Every quarter, year after year and across three decades, Adani Enterprises has consistently proven its reputation not only as India’s most successful business incubator but also as a global powerhouse in infrastructure development," said Gautam Adani, Chairman of the Adani Group.
The company's data center business has a strong orderbook of 110 MW from Hyperscale & Enterprise customers. In the same quarter, Adani Airports efficiently handled 21.3 million passengers, marking a significant 27 percent YoY increase, along with 2.5 lakh MT Cargo, showing a notable 9 percent YoY growth.
Regarding the road projects, Adani Enterprises has various ongoing projects at different stages of completion. The most developed road project has been completed up to 58 percent, while the least developed one is currently at 10 percent completion.
In its new industries, Adani Enterprises experienced impressive growth. Solar module sales soared by 87 percent, reaching a total of 614 MW. Furthermore, the blade manufacturing facility associated with its wind turbine plant is now fully prepared for commercial production.
In the mining business, the production at the Carmichael Mine in Australia amounted to 2.6 MMT during the quarter, reflecting significant progress and output.
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