Adani Enterprises profit drops 55% to Rs 195 crore in Sept quarter

Adani Enterprises Ltd (AEL) on Wednesday reported a 55.3 per cent decline in consolidated profit at Rs 194.54 crore for the quarter ended September, hit by higher expenses.

The company had posted a consolidated profit of Rs 435.73 crore in the year-ago period, Adani Enterprises said in a filing to BSE.

However, consolidated total income during July-September quarter increased to Rs 13,597.10 crore over Rs 9,312.14 crore in the year-ago period.

Total expenses increased to Rs 13,408.53 crore from Rs 8,788.59 crore.

"AEL continues to prove itself as India's most successful incubator -- and remains unmatched in developing exciting new ideas strategically linked to the Adani portfolio of companies," Gautam Adani, chairman of the Adani Group, said.

"AEL is both enhancing the span of companies it is incubating and accelerating the pace at which they are being incubated. We believe this is fundamental value creation in a world where digitisation has become the most significant business transformation vehicle ever known," he said.

AEL's existing businesses are stronger than they have ever been and this year, the company has launched several new businesses critical to a strong 'Atmanirbhar Bharat'. These include a digital consumer aggregation platform, networked airport ecosystems, green data centres, and advanced road, metro and water infrastructure, he said.

Adani Enterprises Ltd is the flagship company of the Adani Group.

Having successfully built unicorns like Adani Ports & SEZ, Adani Transmission, Adani Power, Adani Green Energy and Adani Total Gas, the company has contributed significantly to make the country self-reliant, it added.