Profit Rises But Misses Estimates

Adani Enterprises Ltd. reported an over twofold jump in consolidated net profit for the quarter ended September, led by strong performance from the integrated resource management and airports businesses.

The consolidated net profit of the conglomerate led by billionaire Gautam Adani rose 117% year-on-year to Rs 461 crore in the second quarter of FY23. However, it missed the Rs 554.2 crore consensus estimate of analysts tracked by Bloomberg.

“AEL’s accelerating pace of business incubation and its remarkably consistent success demonstrate the robustness of the Adani Group’s fundamental approach to value creation as we transform sector after sector through digitisation, innovation in technology, and a greater emphasis on equitable energy transition,” Gautam Adani, chairman of the Adani Group, said in the exchange filing.

The company is confident of the “India growth story” and remains committed to the core philosophy of nation-building “through the development of advanced, efficient, and world-class infrastructure that delivers increasing shareholder value”, he said.

Adani Airports Holdings Ltd.

During the quarter:

• Adani Airports handled 16.3 million passengers, or 90% of the pre-Covid level.

• Handled 126.9 thousand air traffic movements.

• Handled 2 lakh metric tonnes of cargo.

Adani Road Transport Ltd.

• Provisional date of commercial operations received for the second hybrid annuity model or HAM road project at Suryapet Khammam.

• Secured financial closure for the Ganga Expressway Project for Rs 10,238 crore.

• Construction activities are in full swing for seven projects, including one Build-Operate-Transfer project.

AdaniConneX Pvt. (ACX-Data Center)

Adani New Industries Supply Chain Ecosystem

• A new 2 GW solar module line is operational.

• An existing 1.5 GW capacity plant is being upgraded to 2 GW with TopCon Cell technology.

• India’s first and largest wind turbine prototype of 5.2 MW was installed at Mundra. Testing and certification are in progress.

Primary Industries—Mining Services

• Mining services’ production stood at 5.4 MMT.

• Operational peak capacity of coal mines at 50 plus MMT, including iron ore mine.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.