New Delhi: Adani Enterprises Ltd (AEL) which is the entity of Gautam Adanis conglomerate recently announced a significant increase in its net profit for the third quarter ending on December 31 2023. As per a statement released on Thursday the company experienced a twofold surge in net profit reaching Rs 1,888 crore compared to Rs 820 crore during the same period last year. This growth was primarily driven by their performance in new energy initiatives, airports and road businesses.
In the energy sector their green hydrogen business witnessed an impressive fourfold rise in pre tax profit amounting to Rs 1,655 crore. Additionally the road business EBITDA more than doubled to Rs 910 crore while the airport business EBITDA increased by 27 percent to Rs 1,774 crore.
Adani Enterprises serves as a business incubator for sectors within the group including data centers, new energy ventures, airports management, road infrastructure development,mining and minerals operations and a copper unit. During this quarter the companys EBITDA surged by 89 percent to reach Rs3 717 crores and cash accruals more than doubled to Rs2 680 crores.
The wind manufacturing division commenced production of wind turbine generators (WTG) during this quarter delivering a total of fifteen sets and supplying seven of them. Furthermore the new energy vertical secured a contract, with an annual electrolyzer manufacturing capacity target of198.5 MW.
Adani Enterprises emerging businesses, with a focus on green hydrogen, airports and roads made significant contributions accounting for 45 percent of the overall EBITDA. Gautam Adani, the Chairman of Adani Group expressed his satisfaction with the performance of these businesses during the quarter. Highlighted their growing momentum.
Adani emphasized the companys dedication to enhancing customer satisfaction at airports and shared progress updates on establishing an integrated manufacturing chain for green hydrogen production. This comprehensive approach allows the company to have control over the final product and its cost positioning them as a leading provider of clean, sustainable and affordable alternative energy.
The revenue from operations in Q3 witnessed a 7 percent increase reaching Rs 28,827 crore. Over the nine month period ending on December 31st AEL reported a profit of Rs 2,790 crore with a revenue of Rs 77,702 crore. This indicates a 59 percent rise in profit alongside a 27 percent decline in revenue.
Operational highlights included managing eight airports that served approximately 23 million passengers and constructing an impressive stretch of road measuring 137.9 lane kilometers in the third quarter alone. Adani Enterprises also provided updates on their solar manufacturing capacity progress well as plans for additional facilities in Pune and Navi Mumbai along with their ongoing operational facility, in Chennai.
—Input from Agencies