 "Q4 results: Airport dues drag down Adani Enterprises net profit 37.6%")
Adani Enterprises Ltd (AEL) on Thursday reported a 37.6 per cent drop in March-quarter net profit due to one-time airport dues in the past and commercial mining losses.
Its net profit stood at Rs 451 crore in the quarter ended March while its revenue stood at Rs 29,180 crore, up 0.8 per cent compared to last year.
Its profit before interest, depreciation and tax stood at Rs 3,646 crore, down 8.3 per cent compared to last year.
Its Mumbai International Airport Ltd (MIAL) reported a one-time exceptional expense of Rs 627.37 crore due to past dues.
Adani New Industries Ltd (ANIL), which holds the new energy business including the manufacturing of solar modules and wind turbines, saw 6.2 times growth in earnings before interest, tax, depreciation and amortisation (Ebitda) to Rs 641 crore, while the airports business Ebitda grew 130 per cent to Rs 662 crore.
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“Adani Enterprises has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development,” Gautam Adani, chairman of Adani Group, was quoted as saying in the release.
“AEL’s resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management.”
“ANIL Solar Manufacturing division has successfully commissioned India’s first large sized monocrystalline ingot and wafer unit of 2 GW capacity,” the company said in its release.
It added its copper unit under Kutch Copper commissioned the 500 kilotonne per annum greenfield copper refinery project, showcasing Adani Group’s ability to plan and execute large-scale projects in record time and Adani Airports inaugurated Phase I of Integrated terminal 3 of Lucknow Airport.
AdaniConneX’s order book increased to 210 Mw from 112 Mw, it said.