7 of 10 Adani Group companies reported net profit growth in Q2; check full list
Ambuja Cements achieved a 1835% jump in net profit, while Adani Power achieved a 848% YoY jump in net profit. Adani Green Energy reported a 149% surge in net profit. The company's revenue surged by 87% YoY.
In Q2FY24 (second quarter), 7 of the 10 listed Adani Group companies reported net profit growth. Ambuja Cements, the cement and building material flagship company of the Adani Group, emerged as the top performer among group companies, achieving a stellar 1835% jump in its consolidated net profit, reaching ₹987 crore as compared to a net profit of ₹51 crore in the corresponding quarter of the previous year.
Adani Power stood as the second top performer, reporting an 848% improvement in its consolidated net profit, reaching ₹6,594 crore compared to a net profit of ₹695.33 crore in the corresponding period of the last year, due to improved EBITDA, higher one-time income, and recognition of deferred tax asset.
Its consolidated revenue from operations rose by 61% YoY to ₹12,155 crore from ₹7,534 crore in Q2FY23. The company earned a tax credit of ₹1,371 crore during the quarter under review as against a tax expense of ₹139 crore, YoY.
During Q2 FY24, the company and its subsidiaries achieved an average Plant Load Factor (“PLF”) of 58.3% and power sales volume of 18.1 billion units (“BU”), as compared to PLF of 39.2% and power sales volume of 11 BU in Q2 FY 2022-23.
Adani Green Energy, the renewable energy arm of the Adani Group, secures the third position in the group's performance chart. It reported a 149% YoY surge in its consolidated net profit at ₹372 crore in Q2 FY24. The company's revenue surged to ₹2,220 crore from ₹1,584 crore in the year-ago quarter.
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The company's sale of energy witnessed a remarkable 87% YoY rise, supported by robust capacity additions and improved CUF across solar, wind, and hybrid portfolios, according to the company's earnings report.
| Company name | Q2FY24 Net Profit ( ₹in Cr) | YoY rise (%) |
| Ambuja Cements | 987 | 1835% |
| Adani Power | 6,594 | 848% |
| Adani Green Energy | 371 | 149% |
| Adani Energy Solutions | 284 | 47% |
| Adani Total Gas | 173 | 8% |
| Adani Ports and SEZ | 1,747 | 4.2% |
| ACC | 388 | - |
| Adani Enterprises | (228) | - |
| Adani Wilmar | (131) | - |
| NDTV | (6) | - |
Adani Energy Solutions, formerly known as Adani Transmission, is a multidimensional organisation with a presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. It reported a 47% YoY improvement in its consolidated net profit at ₹284 crore, while revenue from operations improved by 12.8% YoY to ₹3,421 crore.
During the quarter, the company received LOA for four smart metering projects in Maharashtra, AP, and Bihar, totaling 14.76 million smart meters with a contract value of ₹174 billion, the company said in its earnings report.
Adani Total Gas, the country's leading city gas distribution company, posted an 8% growth in its consolidated net profit at ₹173 crore. However, the revenue from operations dropped marginally by 1.79% YoY to ₹1,096 crore in Q2 FY24.
Adani Ports and Special Economic Zone (APSEZ) reported a 4.2% rise in its Q2 FY24 consolidated net profit at ₹1,747.8 crore, compared to ₹1,677.5 crore in the corresponding period of last year.
The port major's revenue from operations in the quarter ended September 2023 stood at ₹6,646.6 crore, registering a growth of 27.6% compared to ₹5,210.8 crore in the year-ago period.
On the other hand, ACC, one of India’s leading producers of cement and ready-mix concrete, reported a consolidated net profit of ₹388 crore. In the same period of last year, the company posted a net loss of ₹87 crore.
However, as seen sequentially, the net profit dropped by 16.80%. Its revenues came in at ₹4,435 crore, an 11.22% rise compared to a Q2FY23 revenue of ₹3,987.34 crore.
On the flip side, Adani Enterprises, the flagship company of Adani Group, posted a 51% drop in its consolidated net profit to ₹228 crore in Q2. In the same period of last year, the company posted a net profit of ₹460 crore.
Adani Wilmar reported a net loss of ₹131 crore in Q2FY24 compared to a net profit of ₹49 crore in the same quarter of the previous year. Additionally, NDTV posted a net profit of ₹5.9 crore in Q2FY24, a 50% drop over Q2FY23's net profit of ₹12 crore.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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