Adani Enterprises net profit more than doubles in Q2

Richest Indian Gautam Adani’s conglomerate’s flagship firm on Thursday (November 4) reported more than doubling of its September quarter net profit on the back of strong performance at its integrated resources management and airports divisions.

Adani Enterprises Ltd (AEL) posted net profit of ₹460.94 crore in July-September compared to ₹212.41 crore profit in the same period a year back.

Revenue from operations of the flagship company of the ports-to-energy Adani Group nearly tripled to ₹38,175.23 crore from ₹13,218 crore in July-September 2021, the company said in a statement.

The integrated resources management (IRM) division, the mainstay segment for the company, saw revenue more than triple to ₹30,435.19 crore and segment profit more than double to ₹1,069.38 crore, helped by strong volumes and improved prices.
Airports business clocked pre-tax profit of ₹200.83 crore as against a loss of ₹101 crore last year.

The earnings jump will give the firm more firepower to boost investments in numerous new businesses it is nurturing.

AEL, which is a new business incubator for the Adani Group, said it made progress on segments ranging from new energy business to data centre and roads.

A new solar module line of 2 GW has been operationalised, while the first data centre facility with 17 MW capacity has gone online in Chennai.

EBIDTA increased by 86% to ₹4,100 crore on account of strong performance by IRM and airport business, the statement said.

“Adani Enterprises has yet again validated its standing as Indias most successful new business incubator as it continues to build on exciting ideas strategically aligned with the diverse strengths of the Adani portfolio of companies,” said Gautam Adani, chairman of the Adani Group.

“AELs accelerating pace of business incubation and its remarkably consistent success demonstrates the robustness of the Adani Group’s fundamental approach to value creation as we transform sector after sector through digitisation, innovation in technology and a greater emphasis on equitable energy transition.

“We continue to believe ever firmly in the India growth story and remain committed to our core philosophy of nation-building through the development of advanced, efficient and world-class infrastructure that delivers increasing shareholder value,” he added.

The group’s airports handled 16.3 million passengers at 90% of pre-COVID levels, the statement added.