Adani Enterprises Q2FY24 results: Profit after tax halves to Rs 228 crore

Profit after tax (PAT) for Adani Enterprises for the quarter ended September 2023 (Q2FY24) halved from a year ago with higher segment losses from commercial mining and a dip in profits from the integrated resource management (IRM) business.

For Q2FY24, Adani Enterprises reported a PAT of Rs 228 crore, 50 per cent lower from a year ago. Net sales for the company also dipped 41 per cent, to Rs 22,517 crore. Sequentially, the company’s PAT declined 66.2 per cent.

Earnings before interest, taxation, depreciation, and amortisation or Ebitda for the quarter, the company said, increased by 39 per cent to Rs 2,979 crore on account of strong incubating businesses.

Dragging Adani Enterprises’ PAT in the quarter under review was the commercial mining and the IRM business. Losses for the commercial mining segment widened to Rs 339 crore, from Rs 132 crore a year back. Profit for the IRM business fell to Rs 1,022.88 crore, from Rs 1,126.41 crore in the corresponding quarter last year.

Segment-wise, the new energy eco-system for the company saw a multi-fold rise in profits at Rs 430.59 crore, higher from Rs 4.77 crore quarterly profit a year ago.

The company in its result statement said the exceptional items for the quarter under review also included a decrease of Rs 88 crore in realisable value of assets held for sale by Mundra Solar PV, a subsidiary of the company.

Adani Enterprises’ Q2FY24 profit was also helped by a two-time rise in other income to Rs 549 crore.