Adani Enterprises net profit more than doubles to Rs 722.5 crore

New Delhi: Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani's ports-to-energy group, on Thursday reported more than doubling of net profit in the March quarter on the back of healthy growth in airports and road businesses.

Net profit in January-March at Rs 722.48 crore, or Rs 6.34 per share, was 137 per cent higher than Rs 304.32 crore, or Rs 2.77 a share, in the same period last year, according to a stock exchange filing by the company.

AEL, which is incubating business from clean energy to airports and data centres, saw revenue soaring to Rs 31,716.40 crore in the fourth quarter of the 2022-23 fiscal from Rs 25,141.56 crore a year back.

In a statement, it said passenger movement at the seven airports it operates rose 74 per cent to 21.4 million while cargo movement was up 14 per cent.

Road construction business as well as mining and primary industry business also contributed to the earnings increase.

"Once again, Adani Enterprises has lived up to its standing as not only India's most successful business incubator but also one of the world's most successful infrastructure foundries," said Gautam Adani, Chairman, Adani Group.

"The past year's results represent indisputable evidence of the strength and resilience of the Adani Group's operational and financial performance. These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses." Mega-scale infrastructure project execution capabilities and O&M management skills, which are comparable to the best in the world, are strengths that continue to derive from the Adani portfolio's diversity to create reliable long-term value for all investors.

"Our focus remains on governance, compliance, performance, and cash flow generation," he added.

For the full 2022-23 fiscal year (April 2022 to March 2023), profit jumped 218 per cent to Rs 2,473 crore while total income rose by 96 per cent to Rs 1,38,175 crore. EBITDA more than doubled to Rs 10,025 crore on the back of growth in incubating businesses - airports and roads apart from growth in integrated resource management (IRM) business in line with revenue.

Passenger movement at airports doubled to 74.8 million in FY23. New energy business saw a 15 per cent rise in volume and a 7 per cent growth was witnessed in mining services.

Giving an update on the construction of data centres, the company said the one at Noida just outside of Delhi is 37 per cent complete while the Hyderabad one is 30 per cent complete. Phase II of the Chennai data centre is almost half ready (Phase-1 17 MW is already operational).

There was also a pick up in solar module making as well as wind turbine manufacturing.

Mining services production increased by 17 per cent to 10 million tonnes. AEL said it signed agreements for 3 commercial mines during January-March.

Gross debt at Rs 38,320 crore as of March 2023 was lower than Rs 41,024 crore borrowings a year back.