Adani Enterprises Q4 net up 30% to Rs 304 cr on spurt in airport business

Consolidated revenue up 83.66% at Rs 25,141.56 crore

On the back of a spurt in integrated resources management (IRM) and airport businesses, conglomerate Adani Group’s flagship company Adani Enterprises Ltd. (AEL) posted a consolidated net profit attributable to owners at Rs 304.32 crore for the quarter ended March 31, 2022.

Posting a growth of 30 per cent on a year-on-year (YoY) basis, AEL’s consolidated net profit attributable to owners stood at Rs 233.95 crore for the quarter ended March 31, 2021 in the previous financial year. AEL’s consolidated revenue grew by 83.66 per cent in Q4 of FY22 at Rs 25,141.56 crore, from Rs 13,688.95 crore in Q4 of FY21, according to its filings with stock exchanges.

For the full financial year 2021-22, while its consolidated net profit attributable to owners dipped by 16 per cent YoY to Rs 776.56 crore, AEL posted a 74.81 per cent growth in its consolidated revenue at Rs 70,432.69 crore for FY22.

AEL’s consolidated EBIDTA increased by 45 per cent to Rs 4,726 crore.

Among its businesses, IRM and airports led the growth with the former posting over 100 per cent growth for both Q4 and full year FY22 with revenue of Rs 17,857.07 crore and Rs 48,871.27 crore, respectively. On a low base and beginning to grow, AEL’s airport business churned a growth of 1198 per cent with revenue of Rs 1,165.58 crore for Q4 of FY22 against Rs 89.80 crore of Q4 of FY21 as well as 1,700 per cent jump in annual revenue of Rs 2,517.14 crore in FY22 over Rs 139.85 crore in FY21.

Further, while mining business grew by 60 per cent in Q4FY22 to Rs 910.52 on YoY basis, solar manufacturing fell by 25 per cent to Rs 681.50 YoY in the quarter, with solar volume at 1,104 Mw in FY22 as against 1,158 Mw in FY21.

The financial year 2021-22 saw AEL achieve financial closure for the greenfield Navi Mumbai International Airport project with State Bank of India (SBI) for an entire debt of Rs 12,770 crore even as the overall segment handled 36.9 million customers in FY22.

The company, which received LOA of Rs 2,008 crore for Kagal-Satara road project of 67 kms in Maharashtra on BOT basis, saw its mining services production volume grow by 58 per cent to 27.7 million metric tonnes (mmt) and IRM volume by two per cent to 64.4 mmt in FY’22. The company announced that International Holding Company, Abu Dhabi (IHC) is set to invest Rs 7,700 crore (USD 1 bn) through preferential allotment route.

The Board recommended a dividend of Re. 1.00 (@ 100 per cent) for the Financial Year 2021-22 per equity share with face value of Re. 1 each, fully paid up, subject to approval by AEL’s shareholders.

Commenting on the results, Adani Group chairman Gautam Adani said that AEL’s existing business strengthened their performance amid new businesses like networked airport eco-systems, road and water infrastructure and green data centers.

“Add to this, the focus on new energy businesses and digital consumer platforms, along with our ability to execute, will propel the shareholders’ value. We remain confident in India’s ability to become one of the fastest incubators of multi-industry unicorns,” said Adani.

Adani Enterprises Ltd.'s shares were up by 0.27 per cent to close at Rs 2339.30 on BSE on Tuesday.