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Adani Enterprises posts attributable loss of Rs 12 crore in Q3

Firm says results not comparable with previous period due to consolidation of Mumbai Airport in which group acquired 97.97% stake in GVK Airport Developers, its subsidiaries and JVs in July 2021

Adani Enterprises posts attributable loss of Rs 12 crore in Q3
AEL shares fell by 5.65 per cent or Rs 99.55 per share to close at Rs 1663.50 apiece on BSE on Monday
Vinay Umarji Ahmedabad
3 min read Last Updated : Feb 15 2022 | 4:07 AM IST
Impact on its developing business led to Adani Enterprises Ltd (AEL) registering a consolidated net loss of Rs 11.63 crore, attributable to owners of the company, for the third quarter ended December 31, 2021.

The flagship company of the Adani Group, AEL had registered an attributable profit after tax (PAT) of Rs 296.81 crore in the third quarter ended December 31, 2020 in the previous financial year 2020-21.

According to AEL, the quarterly results were not comparable with those of the previous period due to consolidation of Mumbai Airport where the group acquired 97.97 per cent stake in GVK Airport Developers Limited, its subsidiaries including Mumbai International Airport Limited (MIAL) and joint ventures in July 2021. "The Group is in the process of making a final determination of fair values of the identified assets and liabilities as per Ind AS 103. Pending this, these business combinations have been accounted for on a provisional basis," the company stated in its filings on stock exchanges.

AEL's consolidated revenues from operations stood at Rs 18757.87 crore for Q3 of FY'22 due to improved realization on the back of higher index prices in the IRM segment. The company has posted the same at Rs 11620.45 crore in Q3 of previous year FY'21.

During the quarter, the company took over Jaipur, Guwahati and Thiruvananthapuram airports, now holding portfolio of seven operational airports while it received LOA of Rs 17,100 crore for construction & maintenance for three greenfield Ganga Expressway roads projects of 464 kilometers in Uttar Pradesh on build, operate and transfer (BOT) basis. The quarter saw Adani Airports handle 14.5 million passengers along with 1,17,525 Air Traffic movements and over 180,000 metric tonnes (mt) of cargo handling.

The group also incorporated 'Adani New Industries Ltd' for generation of green hydrogen, related downstream products, manufacture of wind turbines, batteries, and electrolyzers, among others. Also, a memorandum of understanding (MoU) was signed with POSCO for establishment of a green, environment friendly integrated steel mill at Mundra Gujarat with approximate investment of $5 billion.

On the back of an order book of 0.6 GW, the company is expanding its existing solar power capacity of 1.5 GW to 3.5 GW by Q2 FY'23.

In its other businesses, AdaniConneX, the company's joint venture with EdgeConneX, completed 62 per cent of construction of Chennai Data Center apart from completing land registration process for Noida Data Center.

Meanwhile, commenting on the results, Adani Group chairman Gautam Adani said that AEL was well positioned to capitalize on trends in digital and physical space being witnessed in the country.

AEL shares fell by 5.65 per cent or Rs 99.55 per share to close at Rs 1663.50 apiece on BSE on Monday.

Adani-Wilmar up after listing

In its first quarterly results after listing on stock exchanges, Adani Wilmar Limited (AWL) has registered a net profit of Rs 211 crore for the Q3, FY22. A joint venture between Adani Group of India and Wilmar Group of Singapore, AWL's consolidated revenues for the quarter stood at Rs 14,379 crore in FY22.

Topics :Adani Enterprises LtdQ3 resultsIndian companies

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