Earnings Review
Adani Ent Oct-Dec consol PAT falls 97% YoY on income fall
This story was originally published at 17:21 IST on 30 January 2025
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By Sunil Raghu
AHMEDABAD – Adani Enterprises Ltd's consolidated net profit for the December quarter was INR 578.30 million, down 96.9% from INR 18.88 billion a year ago, led by a fall in revenue from its core business stream of integrated resource management, commercial mining and roads business. It also witnessed a jump in the cost of raw materials consumed and higher taxes during Oct-Dec quarter.
After the results, shares of Adani Enterprises fell more than 4% to a low of INR 2,225.10 on the National Stock Exchange, at 1428 IST, after the announcement of the earnings. They recovered a bit by the end of the trading day and closed 2.9% lower at INR 2,252.60 per share.
Adani Enterprises, the flagship company of the Adani group, has business interests in coal management, mining, new energy, roads, and airports. Its revenue from operations for the December quarter too fell 8.8% to INR 228.48 billion from INR 250.50 billion a year ago.
For Apr-Dec, the company recorded a 16.6% jump in net profit at INR 32.54 billion, from INR 27.90 billion a year ago. Revenue for the nine months ended December stood at INR 709.29 billion, up 5.5% from INR 672.41 billion a year ago.
For the December quarter, the company's total expenses, including finance cost, stood at INR 229.25 billion, 1.1% lower compared to INR 231.81 billion a year ago. Finance cost was up 258.9% on year at INR 21.41 billion. The cost of raw materials consumed jumped 78.7% on year to INR 25.68 billion from INR 14.38 billion in Oct-Dec a year ago.
The company reported a tax outgo of INR 5.88 billion for the quarter, up 32.8% from INR 4.43 billion a year ago.
It reported revenue of INR 89.80 billion from integrated resource management, down from INR 160.21 billion in Oct-Dec 2023. Similarly, revenue from the roads segment fell to INR 18.87 billion from INR 19.95 billion. For Oct-Dec, its earnings from mining stood at INR 8.36 billion, commercial mining at INR 18.19 billion, new energy ecosystem came in at INR 28.16 billion, the airports business at INR 29.08 billion, and from other businesses at INR 70.76 billion.
The company, in a press release accompanying its Oct-Dec earnings, said its earnings before interest, tax, depreciation and amortisation was almost flat on year at INR 37.23 billion. Its emerging core infrastructure business, ANIL ecosystem solar manufacturing and wind turbine business, recorded EBITDA of INR 9.03 billion, a jump of 34% on year. For Apr-Dec, the company's EBITDA stood at INR 123.77 billion, up 29% from INR 95.91 billion a year ago.
OPERATIONAL UPDATES
For Oct-Dec, the company saw a 40% on-year jump in sales of solar modules by its subsidiary Adani New Industries Ltd. at 893 megawatts, against 638 MW a year ago.
Another subsidiary, Adani Airports Holdings Ltd, handled 24.6 million passengers, 160,500 air traffic movements, and 270,000 tonnes of cargo in the reporting quarter. The company said it added 14 new routes, four new airlines and nine new flights during the December quarter.
A third subsidiary--Adani Road Transport Ltd-–completed 805.1 km of road projects in Oct-Dec, a jump of nearly 4.8 times from 137.9 km in the same period a year ago. Dispatches from mines owned by Adani Enterprises rose 55% on year to 11.8 million tonnes from 7.6 million tonnes a year ago. The volume of the company's integrated resources mining business in Oct-Dec fell 42% on year to 12.1 million tonnes, helped by a correction in coal prices.
As for the ongoing projects of Adani Enterprises, the company said the upcoming Navi Mumbai airport would become operational in the June quarter of 2025-26. The 500,000 tonnes per annum copper plant, too, is expected to be operational by then. A 1 million tonne per annum poly vinyl chloride plant is expected to go on-stream in 2027-28 (Apr-Mar), the company said in its investor presentation. End
Edited by Avishek Dutta
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