Gautam Adani-led Adani Enterprises reported a consolidated net profit of Rs 297 crore in the December quarter, down 30 per cent from same period last year on the back of increased expense that ate into the profits even as revenues were marginally up.
The company’s topline in the period under review stood at Rs 11,620 crore, up 6.1 percent from December quarter last year.
Within the revenue segments, integrated resources management was the highest contributor at Rs 7,470 crore in the quarter gone but was marginally down 1.6 percent from same period last year. Mining and solar manufacturing revenues were up 13 percent and 29 percent respectively.
In the period under review, the company’s expenses went up 6.2 percent from same period last year, which hit bottomline. Alongside, in the other comprehensive income category, a loss of Rs 225 crore further hit the bottomline, bringing it 30 percent down from previous period.
The earnings before interest, depreciation, taxes and ammortisation (EBIDTA) for the quarter increased by 6 percent from last year at Rs 939 crore owing to increased sales in domestic content requirement segment in solar manufacturing business, leading to better margin, said the company release.
“Adani Enterprises continued its journey towards laying the foundation for several new businesses that the Group is venturing into. These include Airports, Data Centers, Roads, and Water. The fact that Adani Enterprises was able to grow its Revenue and EBIDTA through a year of crisis is a reflection of the resilience of India’s economy as well as our confidence and commitment to continue to invest to build our nation’s infrastructure," Gautam Adani, chairman of Adani Group was quoted as saying.
In the airport services, of the bids won for operation, maintenance and development of six airports the company took over Mangaluru, Lucknow and Ahmedabad airports during the quarter. It also signed concession agreements for Thiruvananthapuram, Jaipur and Guwahati airports in January 2021.
In roads business, out of the five concession agreements signed with NHAI under Hybrid Annuity Model for the company's construction of roads aggregating to 200+ KMs, the project completion status in Bilaspur Pathrapali project at Chhattisgarh is about 58 percent, while Suryapet Khammam project at Telangana is about 20 percent.
In food business, the company said it continues to lead the refined edible oil market with more than 20 percent market share. Total revenue from this segment for Q3 FY21 increased by 31 percent at 10,257 crore, while EBIDTA for the quarter remained constant at Rs 323 crore.
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