Adani Enterprises Q1 results: Profit jumps 44% to Rs 674 crore YoY; total income falls 37%

Adani Enterprises Ltd, flagship entity of Adani Group, on Thursday reported a 43.55 per cent surge in its June quarter profit, at Rs 673.93 crore for the financial year 2023-24 (Q1 FY24) as against Rs 469.46 crore in the corresponding period last year. Although, the company registered a 6.72 per cent drop in its net profit on a sequential basis.

The company's total income fell sharply on a year-on-year (YoY) basis. Total income, which includes revenue from operations and other income, came at Rs 25,809.94 crore in Q1 FY24, down 37.15 per cent from Rs 41,066.43 crore in the year-ago period. Income slipped by 18.62 per cent quarter-on-quarter (QoQ).

The drop in total income was due to correction in coal prices, the company said.

EBIDTA (Earnings before interest, taxes, depreciation, and amortization) increased by 47 per cent to Rs 2,896 crore in Q1 FY24 on account of strong operational growth.

"Our expertise in executing large-scale projects, like Kutch Copper, Navi Mumbai Airport, the certification of India's first 5 MW onshore wind turbine, coupled with our world-class O&M capabilities are fundamental drivers that continue to accelerate our infrastructure journey that is poised to play a significant role in meeting the aspirations of largest emerging middle class cohort in the world," said Gautam Adani, Chairman of the Adani Group.

The company's net profit margin rose to 2.62 per cent in Q1 FY24 from 1.14 per cent, YoY, and 2.46 per cent, QoQ. Operating margin came at 9.92 per cent in Q1 FY24 from 4.27 per cent in the year-ago period. The figure stood at 11.44 per cent in Q4 FY23.

Shares of the company settled 2.37 per cent higher at Rs 2,531.90 today over their previous close of Rs 2,473.30. Around 1.84 lakh shares changed hands today on BSE, which was higher than the two-week average volume of 1.53 lakh shares. Turnover on the counter stood at Rs 46.24 crore, commanding a market capitalisation (m-cap) of Rs 2,88,636.88 crore.

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