Adani Enterprise Q3 results, posts Rs 820-cr profit

Adani Enterprises returned to black in the December 2022 quarter as the company reported a net profit at Rs 820.06 crore on Tuesday amid strong performance in its key coal trading division and airports business during the quarter. The company had reported a net loss of Rs 11.63 crore in the December 2021 quarter.

Subsequent to the announcement of results, the shares of Adani Enterprises recovered from early losses & was trading at Rs 1,796.95, 5 per cent higher

In the September 2022 quarter, the company clocked a net profit at Rs 460.94 crore with a revenue from operations at 38,175.23 crore.

The company reported a 42 per cent year-on-year (YoY) increase in income from operations at Rs 26,612.23 crore in Q3FY23, which was Rs 18,757.87 crore in Q3FY21. EBITDA came in at Rs 1,968 crore for the given quarter, registering a growth of 101 per cent.

For the nine months ended on December 31, 2022, Adani Enterprises’ net profit jumped 271 per cent to Rs 1,750 crore, whereas EBITDA rose 90 per cent to Rs 6,068 crore .

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled.

Road business achieved third provisional COD for Mancherial HAM project and water business has bagged EPC project worth Rs 3,246 crore.

“Adani Enterprises has not only validated its standing as India’s most successful infrastructure incubator but has also demonstrated a track record of building core infrastructure business,” said Gautam Adani, Chairman of the Adani Group.

“Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development and exceptional O&M management skills comparable to the best in the world,” he said. “The current market volatility is temporary; and AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow.”