Adani Enterprises Q4 Results: Net Profit Rises 137%, Revenue Jumps 26%

Adani Enterprises Ltd., the flagship of the Adani Group, saw its net profit more than double year-on-year during the quarter ended March 31, 2023.

The Gautam Adani-led company posted a 137% rise year-on-year in net profit at Rs 722.48 crore. Analysts polled by Bloomberg estimated the company to reach a top line of Rs 719.40 crore for the period under review.

Adani Enterprises Q4 FY23 Highlights (Consolidated, YoY)

• Revenue jumped 26.06% to Rs 31,346.05 crore.

• Ebitda soared 184% to Rs 3,587.07 crore, as against an estimate of Rs 1,942.80 crore.

• Ebitda margin for the period stood at 11.44%, as compared with 5.08% in the corresponding quarter of the previous fiscal.

• Net profit rose twofold, growing 137% to Rs 722.48 crore as compared with an estimate of Rs 719.40 crore.

“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 of Adani Group.

"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 cashflow generation,” he said.

Segment Performances

The mining vertical generated a revenue of Rs 2,688.34 crore during the March quarter of fiscal 2023, up 195%. Mining services production increased 17% to 10 million tonne.

The road segment of Adani Enterprises saw 268% rise in revenue at Rs 3,260.21 crore. Adani Enterprises, in a statement, said that construction across all road projects is going on in full swing.

The airport business recorded 45.58% growth at Rs 1,696.81 crore during the three months to March 2023. New energy ecosystem registered 31% rise in revenue at Rs 892.78 crore.

Exceptional Items

The net profit for the period was impacted by extraordinary items to the tune of Rs 362.32 crore. These include Rs 71.67 crore as expenses for floating an FPO in January and losses incurred at Mundra Solar PV Ltd., a subsidiary of Adani Enterprises, amounting to Rs 309.41 crore after adjusting for an unamortised government grant.

Shares of Adani Enterprises closed 4.8% higher at Rs 1,926.75 apiece on Thursday, as compared with the benchmark S&P BSE Sensex, which gained 0.91% to end at 61,749.25.

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