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 ₹222.82 crore was down 50.5 per cent when compared with ₹460.94 crore net profit in the same period last year, according to a stock exchange filing by the company.
ALSO READ- Adani Power Q2 results: Net profit jumps nine-fold over demand surge, tax gain
While operating expenses rose 8 per cent, the company booked a one-time loss of ₹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 ₹340 crore from ₹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 ₹1,939 crore and EBITDA rose 11x to ₹628 crore. Airports business saw a 49 per cent jump in revenues to ₹1946 crore and a 15 per cent increase in EBITDA to ₹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 ₹22,517.33 crore in July-September from ₹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.
Subscribe today by clicking the link and stay updated with the latest news!” Click here!