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Adani Enterprises posts Rs 820 crore net profit in Oct-Dec quarter

Adani Group chairman Gautam Adani. (Pic. Courtesy ANI)

Mumbai: Adani Enterprises (AEL) on Tuesday announced a net profit of Rs 820 crore for the quarter October-December quarter of the current financial year. The firm had incurred a loss of Rs 12 crore in the same period of the previous year.

The company said its total income jumped 42 per cent year-on-year to Rs 26,951 crore in the quarter. Its earnings before interest, taxes, depreciation, and amortisation (Ebitda) shot up 101 per cent year-on-year to Rs 1,968 crore, the company said in a statment.

The Nacelle facility in Mundra will be operational and commercial assemblies will start from the first quarter of 2023-24. It also said an agreement was signed for a new engineering, procurement, and construction (EPC) project for irrigation worth Rs 3,246 crore in Madhya Pradesh.

In terms of arterial roads, provisional commercial operation date was received for third Hybrid Annuity Model (HAM) project at Mancherial. The company also said a letter of authorisation (LoA) was signed with Pelma Mine with capacity of 15 MMT in the state of Chhattisgarh. It also added that group company AMG Media Networks has  completed the acquisition of NDTV.

“Over the past three decades, as well as quarter after quarter and year after year, Adani Enterprises has not only validated its standing as India’s most successful infrastructure incubator but has also demonstrated a track record of building a core infrastructure business,” said Gautam Adani, Chairman of the Adani Group.

“Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development and exceptional O&M (operations and maintenance) management skills comparable to the best in the world. AEL’s exceptional resilience and capacity to build highly profitable core sector business indicate how our strategy of harnessing the diverse strengths of the Adani portfolio of companies is creating consistent long-term value for all our stakeholders,” he added.

Gautam Adani said, “Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cash flow generation. The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow.”