Adani Enterprises on Thursday, reported a 138 per cent rise on a year-on-year (YoY) comparison in the consolidated net profit at Rs 722.48 crore for the quarter ended on March 31, 2023, helped by a strong performance at its key coal trading division. The company had clocked a net profit at Rs 304.32 crore in the same quarter previous year.
Adani Enterprises' consolidated revenue from operations increased over 26 per cent to Rs 31,346.05 crore in the March 2023 quarter from Rs 24,865.52 crore in the March 2022 quarter.
However, Adani Group's flagship company reported a 12 per cent decline in the net profit on a sequential basis (QoQ) from Rs 820.06 crore in the December 2022 quarter, even as its revenue increase 18 per cent from Rs 26,612.23 crore during the preceding quarter.
Adani Enterprises reported a 157 per cent jump in the EBITDA at 3,957 crore for the quarter on account of strong operational performance across businesses.
"The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses," said Gautam Adani, Chairman, Adani Group. Adani Enterprises also said it re-appointed billionaire Gautam Adani as an executive chairman for a term of five years.
"Our mega-scale infrastructure project execution capabilities and our O&M management skills, which are comparable to the best in the world, are strengths that we continue to derive from the Adani portfolio’s diversity to create reliable long-term value for all our investors. Our focus remains on governance, compliance, performance, and cash flow generation," he added.
For the entire fiscal year 2022-2023, Adani Enterprises reported a 218 per cent in the net profit at Rs 2,472.94 crore, against a net profit at Rs 776.56 crore in the same period previous year, while EBITDA stood at Rs 10,025 crore, up 112 per cent from the previous fiscal.Its revenue from operations almost doubled to Rs 1,36,977.76 crore during the period under review.
The company board has recommended dividend of Rs 1.20 per equity share with a face value of Re 1 each fully paid up for the Financial Year 2022-23, which is subject to approval by shareholders. The company has fixed July 7, 2023 as the record date to determine the eligibility for the shareholders for the same.
Adani Airports Holdings' (AAHL) pax movement jumped over 103 per cent to 7.48 crore for the entire fiscal 2023. For the fourth quarter, it handled more than 74 per cent more passengers to 2.14 crore , with air traffic movements rising 56 per cent YoY to 149,400. The cargo movement was up 14 per cent YoY to 1.8 lakh metric tonnes (MT).
Adani Enterprises mining services production volume rose 7 per cent to 29.7 million metric tonnes (MMT) for the entire year, while it was up 17 per cent for the March 2023 quarter to 10 MMT. The company also signed agreements for three commercial coal mines in Q4 FY23.
Shares of Adani Enterprises settled at Rs 1909.30 on the day, rising about 4 per cent for the day.
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