Adani Enterprises Ltd (AEL), the group's flagship firm, on Thursday, reported a 137.5 percent year-on-year jump in consolidated net profit at Rs 722.5 crore for the fourth quarter that ended March 31, 2023, on the back of growth in airports and road businesses.

Share Market Live

NSE

In the corresponding quarter last year, the company posted a net profit of Rs 304.3 crore.

In the March quarter, consolidated revenue stood at Rs 31,346 crore during the period under review, up 26 percent against Rs 24,866 crore in the corresponding period of the preceding fiscal.

Also Read: Tata Steel Q4 results: Net profit slumps 84% to Rs 1,566 crore but beats estimates

At the operating level, EBITDA stood at Rs 3,586 crore in the fourth quarter of this fiscal over Rs 1,264 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 11.4 percent in the reporting quarter as compared to 5.1 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

During the quarter, Adani Airports handled 21.4 million passengers (up by 74 percent year-on-year), 149.4 k air traffic movements (up by 56 percent year-on-year), and 1.8 lakh million-tonne cargo (up by 14 percent year-on-year).

Adani Road Transport Ltd completed 3 Hybrid Annuity Model (HAM) road projects during FY23. Construction is in full swing in the remaining 10 projects and 3 Border Check Posts were made operational during the current quarter in the Maharashtra Border Check Post project.

Also Read: HDFC beats street expectations in Q4 as net profit rises almost 20%, shares rise

For the full 2022-23 fiscal year (April 2022 to March 2023), profit jumped 218 percent to Rs 2,473 crore while total income rose by 96 percent to Rs 1,38,175 crore. EBITDA more than doubled to Rs 10,025 crore on the back of growth in incubating businesses - airports and roads apart from growth in integrated resource management (IRM) business in line with revenue.

Giving an update on the construction of data centres, the company said the one at Noida just outside of Delhi is 37 percent complete while the Hyderabad one is 30 percent complete. Phase II of the Chennai data centre is almost half ready (Phase-1 17 MW is already operational).

There was also a pick up in solar module making as well as wind turbine manufacturing. Mining services production increased by 17 percent to 10 million tonnes. AEL said it signed agreements for 3 commercial mines during January-March. Gross debt at Rs 38,320 crore as of March 2023 was lower than Rs 41,024 crore borrowings a year back.

The board has recommended a dividend of Rs 1.20 (@ 120 percent) per equity share of the face value of Re. 1 each fully paid up for the financial year 2022-23.

Also Read: Havells Q4 results | Net profit at Rs 358 crore, beats estimates

Gautam Adani, chairman of Adani Group, said, "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."

The board on the recommendation of the Nomination and Remuneration Committee, has approved the re-appointment of Gautam S. Adani as

an executive chairman of the company for a further period of 5 years effective from December 1, 2023, as the present term expires on November 30, 2023.

Shares of Adani Enterprises Ltd ended at Rs 1,909.30, up by Rs 70.75, or 3.85 percent on the BSE.

First Published:May 4, 2023 3:43 PM IST