Adani Enterprises Profit Slips 99% To Rs 1.8 Crore In December Quarter

 Adani Enterprises on Monday reported a 99.4 per cent decline in consolidated profit to Rs 1.80 crore for the quarter ended December 31, 2021.

The company had posted a consolidated profit of Rs 343.17 crore in the corresponding quarter last fiscal, Adani Enterprises said in a BSE filing.

Its consolidated income during the third quarter of FY22 increased to Rs 18,963.40 crore as against Rs 11,787.82 crore in the year-ago period, the filing said.

The total expenses during October-December 2021 increased to Rs 19,047 crore, over Rs 11,303.97 crore in the year-ago period, the filing said.

Given the Covid-19 pandemic situation, the Group has performed a detailed analysis and has assessed the impact of the pandemic on business and financial results based on information available from internal and external sources.

The group has determined that there is no significant impact for the current period. Considering the continuing uncertainty, the group will continue to closely monitor any material changes to future economic conditions due to this pandemic situation, the filing said.

"With the IMF recently identifying India as becoming the fastest growing nation coming out of the pandemic, India has the tailwind required to be able to produce multiple companies, both in the digital space and in the physical space, at a pace faster than our country has ever been able to achieve," Adani Group Chairman Gautam Adani said.

He added that the focus on new energy businesses which, by itself, will see the intersection of sustainability and digitisation creating a level of value and the kind of jobs that did not even exist a couple of years ago.

"We are well-positioned to capitalise on these trends, the tailwind that will propel India ahead and our ability to execute. Our confidence in the ability of our nation to become one of the fastest incubators of multi-industry unicorns has never been higher," Adani said.

Adani Enterprises Limited is the flagship company of Adani Group. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.