Adani Enterprises Net Profit Falls 10% To Rs 343.7 Crore In December Quarter

Adani Enterprises Q3 Results: Adani Enterprises, the flagship company of Adani group, on Wednesday, February 3, reported a 10.39 per cent fall in its consolidated profit to Rs 343.17 crore for the third quarter of the current financial year. The Gautam Adani-led company had clocked a consolidated profit of Rs 382.98 crore in the corresponding quarter a year ago, the firm said in a regulatory filing. The consolidated total income for the latest quarter rose to Rs 11,787.82 crore from Rs 11,075.32 crore in the year-ago period. The total expenses increased to Rs 11,303.97 crore in the December quarter as compared to Rs 10,635.16 crore in the year-ago period.

The consolidated total income for the quarter increased by 6sixper cent at Rs 11,788 crore owing to increased sales in dolar manufacturing business. The earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter increased by six per cent to Rs 939 crore owing to increased sales in domestic content requirement segment in the solar manufacturing business, leading to a better margin. 

During the third quarter of the financial year, Adani took over the operations, management, and development of Mangaluru, Lucknow, and Ahmedabad airports. The company also signed concession agreements for the Thiruvananthapuram, Jaipur, and Guwahati airports on January 19, 2021. The profit after tax (PAT) attributable to owners for the October-December quarter was Rs 297 crore as against Rs 426 crore a year ago, due to write off of exploration block on termination by the Ministry of Petroleum and Natural Gas.

''The fact that Adani Enterprises was able to grow its Revenue and EBIDTA through a year of crisis is a reflection of the resilience of India's economy as well as our confidence and commitment to continue to invest to build our nation's infrastructure," said Gautam Adani, Chairman Adani Group.