Adani Enterprises Ltd, the flagship company of Adani conglomerate, on Thursday, reported a 37 per cent drop in net profit for the quarter ending March.
Adani Enterprises Ltd. witnessed a 37 percent decline in net profit for the quarter ending in March, new energy business remained robust
Adani Enterprises Ltd, the flagship company of Adani conglomerate, on Thursday, reported a 37 per cent drop in net profit for the quarter ending March.
Consolidated net profit of Rs 450.58 crore in January-March 2023-24 is compared with Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earnings in the preceding quarter, according to a BSE filing by the company.
On Thursday, the shares of the flagship company ended at Rs 3,029 price level, down by 0.84 per cent on the National Stock Exchange.
Adani Enterprises recorded an 8 per cent decline in EBITDA to Rs 3,646 crore in the fourth quarter.
Operating as well as cost of input materials soared during the quarter.
Revenue from operations was up at Rs 29,180.02 crore in the quarter under review from Rs 28,943.84 crore in January-March 2023.
For the full fiscal year 2023-24, net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 127,539.50 crore in 2022-23.
The new energy business arm of the flagship company, Adani New Industries Ltd. (ANIL), which also manufactures solar modules and wind turbines, witnessed a 6.2x growth in EBITDA to Rs 641 crore. For the airport business, EBITDA figures more than doubled to Rs 662 crore. There was a 19 per cent rise in the number of passengers at the company-run airport.
On an annual basis, the shares of the flagship company have delivered a return of almost 65 per cent, on NSE.
(With Inputs From PTI)