Adani Enterprises net profit falls 38% to Rs 451 crore in March quarter

Adani Enterprises Q4 earnings: Billionaire Gautam Adani-backed Adani Enterprises on Thursday reported sharp decline in net profit sequentially and annually on account of higher expenses. Adani Enterprises' net profit attributable to owners of the company came in at Rs 451 crore in January-March quarter, marking a decline of 38 per cent from Rs 722 crore during the same period last year. Sequentially, Adani Enterprises profit declined 76 per cent from Rs 1,888 crore.

Its total expenses during the quarter rose 22 per cent sequentially to Rs 28,308.67 crore as against Rs 23,180.79 crore in the previous quarter and Rs 27,757.35 crore in the year ago period.

Adani group’s flagship company’s revenue from operations rose nearly 1 per cent to Rs 29,180 crore as against Rs 28,944 crore in the corresponding quarter last year.

"During the quarter ended 31st March 2024, the Board of Directors of the Parent Company at their meeting held on 22nd March, 2024 had approved the transfer/sale of Power Trading business of the Parent Company along with its identified assets and liabilities on fair valuation basis. The transaction will be completed after the receipt of regulatory approvals," the company said in a regulatory filing.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 3,646 crore versus Rs 3,974 crore in Q4 FY23.

During the quarter, ANIL Solar Manufacturing division successfully commissioned India’s first large sized monocrystalline ingot and wafer unit of 2 GW capacity. Adani’s copper unit under Kutch Copper Ltd commissioned the 500 KTPA greenfield copper refinery project showcasing the Adani Group's ability to plan and execute largescale projects in record time, Adani Airports inaugurated Phase I of Integrated terminal 3 of Lucknow Airport and AdaniConneX’s orderbook increased to 210 MW from 112 MW, the company said in a press release.

"Adani Enterprises has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group.

"AEL’s resilient growth model of incubation confirms the operational and organizational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management," Adani added.

Adani Enterprises shares fell 1 per cent to Rs 3,034 after its earnings announcement.