Adani Enterprises Limited
Adani Enterprises Limited, the main unit of Adani Group, on Thursday, November 2, reported a 50.5% decline in consolidated net profit at Rs 227.82 crore for the second quarter (July to September) of this financial year 2023-24. Whereas in the same quarter a year ago, despite other income increasing two times to ₹ 549 crore from ₹ 266 crore, there was a huge decline in the company’s net profit.
Consolidated revenue from operations of the Adani Group flagship company also fell 41% year-on-year to ₹22,517 crore. This is less than Rs 25,438.45 crore in the previous quarter. Operating performance was good, with consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) growing 30% year-on-year to ₹2,430 crore. Operating margin also grew by a sharp 589 basis points year-on-year to 10.8% from 4.9% in the corresponding quarter of last fiscal.
Adani Enterprises Limited shares fell
“We are fundamentally reshaping the essence of incubation scale and velocity,” Adani Group Chairman Gautam Adani said. “Adani Enterprises covers sectors spanning energy, utilities, transportation, D2C, and primary industries. With many enterprises now market-ready and thriving, our H1FY24 results have been boosted by core infra incubating businesses, a strong testament to our incubating enterprises. Shares of Adani Enterprises Ltd fell 0.15% to close at ₹2,214 in today’s trade. This stock has gained 20.39% in the last six months.