Adani Enterprises.
Credit: Reuters File Photo
New Delhi: Adani Enterprises Ltd (AEL), the flagship firm of billionaire Gautam Adani's conglomerate, on Thursday said its third quarter net profit more than doubled on the back of robust performance in new energy, airports and road businesses.
Net profit of Rs 1,888 crore in October-December - the third quarter of fiscal year starting April 1, 2023 - is compared with Rs 820 crore earning in the same period last year, the company said in a statement.
While green hydrogen business in the new energy vertical of the company saw more than 4x rise in pre-tax profit to Rs 1,655 crore, road business EBITDA more than doubled to Rs 910 crore. Airport business EBITDA was up 27 per cent at Rs 1,774 crore.
AEL is business incubator of the group and houses data centre, new energy business, airports, road, mining and minerals and copper unit.
The company's EBITDA rose 89 per cent to Rs 3,717 crore in the third quarter. Cash accruals more than doubled to Rs 2,680 crore.
'Wind manufacturing division began production of wind turbine generator (WTG) and during the quarter it produced 15 and supplied 7 sets,' it said adding the new energy vertical has been awarded a contract to set up 198.5 MW of annual electrolyser manufacturing capacity.
The emerging core infra businesses under the incubation pipeline of AEL have shown strong operational performance and consistently reflected significant contribution to the growth journey during the last 9 months of this fiscal year.
The company's incubating businesses, comprising green hydrogen ecosystem, airports and roads contribute 45 per cent of the overall EBITDA.
'Adani Enterprises has had a robust third quarter, with two of our major incubating businesses picking up momentum,” said Gautam Adani, Chairman of Adani Group.
'Our ongoing commitment to enhancing customer satisfaction and redefining the overall consumer experience at our airports remains steadfast. We are also pleased with the pace of our advance in establishing a fully integrated manufacturing chain for green hydrogen production,' he said.
This fully integrated approach will provide the company a tremendous advantage in end-to end planning, granting superior control over the final product and its cost.
'The scale of opportunities these businesses present is not only unprecedented but also allows us to strongly position ourselves as a leading source of clean, sustainable and affordable alternative energy,' he added.
Revenue from operations was up 7 per cent to Rs 28,827 crore in Q3.
For the nine-month period ended December 31, AEL reported a net profit of Rs 2,790 crore on a revenue of Rs 77,702 crore. The profit was up 59 per cent while revenue was down 27 per cent.
The firm's eight airports handled 23 million passengers and its road unit built 137.9 lane kilometers of road in the third quarter.
Giving an operational update, the firm said it now has 4 GW of operational module line capacity for solar manufacturing. Wafer production from the pilot plant continues and commissioning of 2 GW plant is progressing as per scheme.
The data centre at Noida, on the outskirts of the national capital, was 74 per cent complete and the one at Hyderabad 85 per cent complete. It has plans to build data centres at Pune and Navi Mumbai besides the 17 MW operational facility at Chennai.