Adani Enterprises returned to black in the December 2022 quarter as the flagship company of Gautam Adani-led conglomerate 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.
Adani Enterprises 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.
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.
Adani Enterprises’ net profit jumped 271 per cent to Rs 1,750 crore, whereas EBITDA rose 90 per cent to Rs 6,068 crore for the nine months ended on December 31, 2022.
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.
The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in volumes and prices of solar modules, the company said.
Road business achieved third provisional COD for Mancherial HAM project and water business bagged EPC project worth Rs 3,246 crore, the company said in its statement.
“Over the past three decades, as well as quarter after quarter and year after year, 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.”
Shares of Adani Enterprises recovered from early losses on Tuesday. The stock was trading at Rs 1,796.95, 5 per cent higher at 2:15 pm.