ADANI Enterprises Ltd, the flagship company of billionaire Gautam Adani’s group, reported nearly an eight-fold increase in net profit for the July-September quarter, attributed to strong performance in its airports and new energy businesses, which helped offset weaker results in coal trading.
The company’s net profit rose to £15.9 million in the second quarter of the current fiscal year, marking a 663 per cent increase over the £2.08m profit from the same period last year, according to a company statement.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 46 per cent to £39.85m, while revenue increased by 15 per cent to £212.32m.
The company noted that its core infrastructure businesses, excluding coal, experienced growth in both revenue and profit. The new energy division, under Adani New Industries Ltd, saw pre-tax profit increase by 78 per cent to £10.26m, and the airport segment’s earnings rose 31 per cent to £6.81m. Revenue growth was reported across both segments.
In mining services, EBITDA increased by 65 per cent to £3.66m during the quarter, while the coal trading business saw a decline in earnings to £17.53m from £18.89m, linked to lower revenues.
“AEL has achieved its highest half-yearly EBITDA of £79.22m, consistently supported by strong performance from its emerging core infrastructure businesses within the incubation portfolio,” the company stated.
Earlier this month, the company raised £38.45m through the sale of shares to qualified institutional investors.
Gautam Adani, Chairman of the Adani Group, highlighted the company’s continued focus on investments in logistics, energy transition, and other sectors key to India’s economic growth. He attributed the robust half-year results to Adani New Industries Ltd and Adani Airport Holdings Ltd, which have expanded capacity and improved asset utilisation.
“Further, AEL is set to replicate this growth across sectors such as data centres, roads, metals and materials, and specialised manufacturing, backed by innovative technology across its platforms to support this high-growth phase,” Adani said.
The firm also reported that solar module sales exceeded 2 GW in the first half of the fiscal year, with exports up 64 per cent and domestic sales more than doubling.
(With inputs from PTI)
