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Adani Enterprises posts 117% yoy growth in Q2 PAT to 461 cr, revenue up 3-folds

During the quarter, EBITDA came in at  ₹2,136 crore up by a whopping 69% on account of strong performance by IRM and Airport business. (REUTERS)Premium
During the quarter, EBITDA came in at 2,136 crore up by a whopping 69% on account of strong performance by IRM and Airport business. (REUTERS)

  • The current Q2 PAT witnessed a massive 117% growth compared to a profit of 212.41 crore in Q2 of FY22. The profitability is in line with EBITDA. However, sequentially, the latest profit dipped by 1.81% from 469.46 crore in Q1FY23.

Adani Group's flagship company, Adani Enterprises garnered a consolidated net profit of 460.94 crore for the quarter ending September 30, 2022 (Q2FY23) period. The current Q2 PAT witnessed a massive 117% growth compared to a profit of 212.41 crore in Q2 of FY22. The profitability is in line with EBITDA. However, sequentially, the latest profit dipped by 1.81% from 469.46 crore in Q1FY23.

During the quarter, EBITDA came in at 2,136 crore up by a whopping 69% on account of strong performance by IRM and Airport business.

Meanwhile, total income skyrocketed by a huge 183% to 38,441.46 crore in Q2FY23 compared to the same period a year ago, primarily due to strong performance by IRM and Airport business. Revenue from operations stood at 38,175.23 crore --- rising by 188.8% from 13,218.02 crore in Q2 of the previous fiscal.

Gautam Adani, Chairman of the Adani Group said, "Adani Enterprises has yet again validated its standing as India’s most successful new business incubator as it continues to build on exciting ideas strategically aligned with the diverse strengths of the Adani portfolio of companies."

In the first half of FY23 (April to September 2022), Adani Enterprises' attributable PAT jumped by a whopping 92% to 930 crore compared to the same period last year. EBITDA surged by 86% yoy to 4,100 crore, while total income jumped by a breathtaking 202% yoy to 79,508 crore.

During Q2FY23, Adani Airports handled 16.3 million passengers at 90% of a pre-covid level, while its air traffic movements stood at 126.9k. It carried 2 lakh MT of cargo.

Furthermore, Adani Road Transport has completed 81% of the Mancherial Repallewada project in Telangana, while it completed 21% of the Kodad Khammam project in the same state. Also, the company completed 33% and 31% of the Vijayawada Bypass project in Andhra Pradesh and the Nanasa Pidgaon project in Madhya Pradesh. These projects are under execution.

Also, Adani Road secured financial closure for Ganga Expressway Project for 10,238 crore in the quarter. Additionally, the company received COD for the 2nd HAM Road project at Suryapet Khammam. This Adani subsidiary is currently carrying construction activities for 7 projects (including 1 BOT project) in full swing.

Adani-backed AdaniConnex's first data center facility of 17 MW was made operational in Chennai.

Meanwhile, Adani New Industries Supply Chain Ecosystem volume stood at 206 MW in Q2FY23 versus 267 MW in the same quarter last year. Its existing 1.5 GW capacity plant is being upgraded to 2.0 GW with TopCon Cell technology. Also, the country's first and largest Wind Turbine prototype of 5.2 MW installed at Mundra; testing and certification in progress.

In Q2FY23, Mining Services production stood at 5.4 MMT. The operational Peak capacity of coal mines was over 50 MMT including iron ore mine in the quarter.

Going forward, Adani chairman added, "AEL's accelerating pace of business incubation and its remarkably consistent success demonstrates 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."

He further said, "We continue to believe ever firmly in the India growth story and remain committed to our core philosophy of nation-building through the development of advanced, efficient and world-class infrastructure that delivers increasing shareholder value."

On BSE, Adani Enterprises shares closed at 3591.10 apiece up by 13.10 or 0.37% on Thursday. Its market cap is over 4.09 lakh crore.

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