 "Adani Enterprises Q2 result: Net profit falls over 50% to Rs 228 crore")
Adani Enterprises Ltd on Thursday reported a 50.5 per cent fall in its net profit in the quarter that ended on September 30 to Rs 227.82 crore, as compared to Rs 460.94 crore in the same quarter last year. As compared to Rs 673.93 crore in the previous quarter, the dip in net profit was sharper at 66.1 per cent.
The company's revenue from operations was down 41 per cent to Rs 22,517.33 crore during the quarter as compared to Rs 38,175.23 crore last year. It was also down from Rs 25,438.45 crore in the previous quarter.
The company's Ebitda, however, increased by 39 per cent to Rs 2,979 crore on account of strong incubating businesses, it said. In the first half of FY24, however, the company's Ebitda was up 43 per cent to Rs 5,874 crore.
"We are fundamentally reshaping the essence of incubation scale and velocity," said Gautam Adani, chairman of the Adani Group. "Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1FY24 results have been boosted by the core infra incubating businesses, thereby being a strong testament to our incubating ventures."
Last month, Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday increased its stake in Adani Enterprises to more than 5 per cent. "AEL see IHC’s increased stake as a ringing endorsement of its robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India's dynamic growth potential and offers substantial returns to the company's stakeholders," said the Adani Group spokesperson.
On Thursday, as of 3 pm, the company's shares were trading 0.39 per cent in the green at Rs 2,226.65 apiece on BSE.