 "Adani Enterprises Q1 profit up 43.6% on the back of improved performance")
Adani Enterprises announced a 43.6 per cent surge in its net profit, attributable to the company's owners, for the first quarter ending June 2023 (Q1FY24). This rise is credited to enhanced performance and increased other income, despite a sequential drop.
In Q1FY24, the company recorded a net profit of Rs 674 crore, marking a 43.6 per cent growth year on year (Y-o-Y), but a 6.7 per cent decline sequentially. The company's revenue stood at Rs 25,438 crore, a 37.7 per cent reduction Y-o-Y and an 18.8 per cent decrease sequentially. The firm attributed this decline to lower coal prices in the reviewed quarter.
The company's other income rose by 67.2 per cent Y-o-Y to Rs 371 crore.
In its business segments update, Adani Enterprises stated that the Adani New Industries ecosystem now contributes 10 per cent to the company's Ebitda, or earnings before interest, taxation, depreciation and amortisation. The new energy eco-system segment reported a profit before interest and tax (PBIT) of Rs 300 crore, a notable improvement compared to the losses reported sequentially and a year ago.
The report further noted that the company secured funding of Rs 900 crore for its Ingot & Wafer manufacturing business. The company's blade manufacturing facility for its wind business is now ready for commercial production. During the quarter, Adani Airports handled 21.3 million passengers, up 27 per cent Y-o-Y, across its seven operational airports.